Will New Bitcoin Buyers Emerge After BTC’s Latest Decline?
While many predicted that the price of Bitcoin (BTC) could soar to $120,000 by the end of the year, Bitcoin has suffered a setback and is currently trading below $97,000. However, historical data shows that such pullbacks often provide an accumulation opportunity for new Bitcoin buyers.
If this pattern holds, Bitcoin’s price could end the year higher. this On-chain analysis reveals how this situation might develop.
Bitcoin once again offers a rare opportunity
The price of Bitcoin has fallen It’s up 12% over the past seven days, likely due to increased selling pressure as the holiday season approaches.
The pressure was reflected in a sharp decline in the Coinbase Premium Index, which measures buying and selling activity in the United States. A rise in the index indicates strong buying pressure, while a fall in the index indicates intensified selling.
Currently, the index is showing significant selling pressure. However, in previous cycles, intensified sell-offs tended to attract new buyers eager to purchase Bitcoin at a discount. If this pattern recurs, BTC may experience new accumulation And potentially climb higher.
Interestingly, cryptocurrency analyst MAC_D also agreed with this sentiment, noting that the cryptocurrency may see a rebound soon.
“Historically, this phenomenon has been temporary during bull markets, often attracting new buyers who view it as an opportunity. While it is uncertain whether the price following this sharp decline represents a bottom, if the bull market continues If it goes down, a bottom may form soon, potentially leading to a rebound.” MAC_D point out on CryptoQuant.
Furthermore, the rate of profit-taking by Bitcoin holders also supports this outlook. On December 16, the profit from on-chain transactions exceeded 250,000 BTC.
As of the time of writing, its value has dropped to 58,1000, indicating a decline in Bitcoin price mandatory investor Continue to hold assets rather than liquidate them. If this value continues to fall, then Bitcoin may experience a rebound.
BTC Price Prediction: Will Be Back Above $100,000 Soon
According to the 4-hour chart, Bitcoin finds support $92,888. As a result, the price found another stronger support level at $95,871. However, the Momentum Oscillator (AO) remains negative, indicating bearish momentum.
However, with the emergence of green histograms, Bitcoin may avoid another significant decline and move higher. If this is the case, Bitcoin price may reach Short term is $104,299. Under highly bullish market conditions, its value could rise to $108,386.
On the other hand, a break below the aforementioned support levels could invalidate this prediction. If this happens, the price of Bitcoin could drop to $92,144.
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.
