Bitcoin Price Prediction Today (13th Dec 2024)!
The Bitcoin ETF continued to see inflows for the 11th day in a row. This has caused the price of the largest cryptocurrency, Bitcoin, to remain around the $100,000 mark. This further hints that the BTC token may hit another ATH this year.
Let’s explore macro insights into the largest cryptocurrency by market capitalization with CoinPedia’s Bitcoin price analysis!
BTC price stabilizes near $100,000 level!
Despite falling around 1% in 24 hours with trading volume at $68.26 billion, Bitcoin’s price continues to hover around the $100,000 milestone. However, the crypto token’s dominance has now dropped to 54.98%.
The simple moving average (SMA) has been supporting the Bitcoin price chart since November, highlighting the long-term bullish price sentiment for the market’s largest cryptocurrency.
The Relative Strength Index (RSI) has seen an increase in price volatility, with its average trendline showing a continued downward trend. This points to mixed Bitcoin price action this week.
Bitcoin ETF Update
BlackRock’s “IBIT” recorded the highest inflows at $431.6 million in the past 24 hours, followed by Grayscale’s “BTC” with $110.8 million. While 4 out of 11 BTC ETFs recorded neutral flows during the period, only Grayscale’s “GBTC” lost $48.4 million.
As a result, total Bitcoin ETF flows on December 12 were $597.5 million. Additionally, the largest cryptocurrency ETF maintained positive flows for 11 consecutive days for the first time in months.
Will BTC Price Hit $110,000 Next?
Sustaining its value above the $100,000 mark could set the stage for Bitcoin to retest the $102,000 mark. Furthermore, if bullish sentiment intensifies, Bitcoin price could rise to the top.
Conversely, bearish price action may pull the price towards the $98,000 level. Furthermore, if the bulls fail to regain momentum at this point, this could pull BTC price towards the $95,000 range.
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FAQ
In February 2011, the price of Bitcoin exceeded the $1 mark for the first time.
As cryptocurrencies become increasingly adopted into the world’s financial structure, the price of BTC could range from $600,000 to $1 million by 2030.
The all-time high of BTC price was $103,900.47, recorded on December 5, 2024.
