Analyst Releases Bullish End Of Year Forecast Despite Failure At $100,000
Bitcoin price appears to be facing some level of price failure because it goes over the top $100,000 price level. Within hours of breaking this psychological threshold, Bitcoin price faced rejection and corrected until it reached $94,000.
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However, this amendment Doesn’t necessarily herald bleakness The outlook for the world’s largest cryptocurrency, especially as investor sentiment continues to hover in extreme greed territory. According to technical analysis, the price of Bitcoin is still likely to climb above $100,000 by the end of December 2024.
Record Bitcoin liquidations shake markets
Bitcoin’s broader market dynamics and investor sentiment suggest that Bitcoin’s drop below $100,000 may be a temporary pause rather than a long-term reversal. Interestingly, a Detailed analysis has been published Content on the TradingView platform supports this outlook and makes bold predictions for the end of the year.
This analysis highlights December 5, 2024 as A historic day for cryptocurrency liquidation. Liquidations totaled a staggering $1.1 billion, surpassing the previous record of $950 million set on August 5, 2024. This included $820 million in liquidated long positions and $280 million in liquidated short positions.
Although price data from Coinmarketcap and CoinGecko shows a bottom around $93,600, Bitcoin prices could fall to $89,000 to $90,000 depending on the exchange.
Analysts believe that such a violent trend was described as a “helicopter” on the BTCUSDT chart, reflecting the cooling-off period caused by overheating of all technical indicators.
Despite the correction and frenzied liquidations, analysts believe Bitcoin’s uptrend remains intact. That’s because, despite Bitcoin’s sharp decline, the popular sentiment indicator the Fear & Greed Index remains in “greed” territory at 71. As of this writing, the Fear and Greed Index has risen to the “extreme greed” zone of 82, indicating that market participants remain optimistic about Bitcoin’s future trajectory.
Bold year-end price predictions
Interestingly, the altcoin market has barely reacted to the Bitcoin price reaction, which also creates the possibility of another wave of losses before the broader market recovers.
The analyst outlined a scenario in which Bitcoin price could drop again and fall below $90,000. Forecasts suggest that Bitcoin may fall further to the $84,000 to $85,000 range before rebounding to $110,000.
Adding to the Bullish Narrative The upcoming Federal Open Market Committee (FOMC) meeting is scheduled for December 18. The market expects the Federal Reserve to cut interest rates by 0.25%, a move that may inject further impetus into the Bitcoin price recovery, just like the interest rate cuts in September and November.
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As of this writing, Bitcoin price is trading at $99,450 and is on the verge of breaking through $100,000 again. On-chain data shows that Bitcoin whales took advantage of falling prices to load up on more Bitcoin. Especially addresses holding 100 to 1,000 BTC Increase collective shareholding 20,000 BTC were added in the past 24 hours, worth $2 billion.
Featured image from Pixabay, chart from TradingView
