Why BTC Price May Touch $100,000 in December
Bitcoin’s (BTC) recent upward trajectory has suffered a minor setback, struggling to rebound towards the much-anticipated $100,000 price mark. The cryptocurrency has been consolidating below this level over the past few days, leaving investors speculating on its near-term price direction.
However, some prominent cryptocurrency analysts remain optimistic about Bitcoin’s prospects in December. This analysis explores some of their predictions.
Analysts say Bitcoin could rise above $100,000
Juan Pellicer, senior researcher at IntoTheBlock, said December will be good for Bitcoin. This bullish bias will be driven by “unprecedented institutional demand from Bitcoin ETF inflows,” which will drive The price of the coin exceeds $100,000.
“As December approaches, we observe a highly bullish scenario for Bitcoin, driven primarily by unprecedented institutional demand from Bitcoin ETF inflows. The surge in institutional participation is coupled with a clear easing of macroeconomic pressures , laying a favorable foundation for BTC to break through $100,000. The current market structure indicates a strong accumulation phase,” the analyst told BeInCrypto.
interestingly, BTC ETF records net outflows This is the first time in two months. Outflows from these funds totaled $458 million, according to SoSoValue. The drop follows a sharp decline in Bitcoin prices, which briefly fell to $92,000 earlier this week. This price pullback could prompt institutional investors to pull money out of these ETFs in response to market changes.
Nonetheless, another analyst, Santiment Chief Analyst Brian Quinlivan, predicts a bullish month for Bitcoin in December. Quinlivan said that if Bitcoin whales continue to accumulate king coins, they will drive this growth.
“In November alone, major Bitcoin stakeholders (10+ BTC wallets) accumulated 63,922 BTC worth $6.06B. Even with Friday’s peak, they have not slowed down their accumulation. This should be Take this as a positive sign that this modest decline is just a minor pullback designed to shake off weaker hands and traders who bought at $98,000/$99,000,” said Quinlivan.
BTC Price Prediction: Support is Key
However, Julio Moreno, head of research at CryptoQuant, also admitted that Bitcoin prices may rise above $100,000 in December, but noted that Bitcoin may face short-term resistance at $105,000.
According to Moreno, an assessment of the price band realized on the BTC chain shows that the price band Near $105,000 (the maximum range) was a significant resistance level in March, when Bitcoin briefly touched $74,000. This historical resistance may now impact the coin’s future price movements.
This means that once BTC’s price approaches its peak range around $105,000, it may experience a pullback.
Bitcoin currently trading $96,795. In order to achieve the $100,000 prediction, the coin must recapture the all-time high of $99,588, which has become a resistance level, and flip it into a support level. If this happens, the coin could rise above $100,000 by December.
On the other hand, if selling pressure spikes, BTC price may fall The rise to $88,986 invalidated analysts’ bullish forecasts.
Disclaimer
conform to trust project Guide, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to providing accurate and unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult a professional before making any financial decisions. Please note that our terms and Conditions, privacy policyand Disclaimer Updated.
