The Bitcoin value has persisted on its consolidation trajectory beneath the $99,000 price threshold, yet investors remain resolute in their intent to surge past six digits. An evaluation on the TradingView platform conveys this optimistic sentiment, with crypto analyst Waslad recommending investors maintain their BTC holdings.
BTC’s Optimistic Configuration Within A Broadening Wedge Formation
As the expert noted, the Bitcoin value has been operating within a broadening wedge formation since early November. This technical blueprint has been emphasized by a chain of elevated highs and increased lows. Waslad’s review centers on the movement of the BTC value inside this broadening wedge formation, with the aim well past the $100,000 milestone.
Nonetheless, the analyst pointed out the $99,600 price point as the most crucial hurdle obstructing a $100,000 Bitcoin value. A successful breakout from this level would not only enhance investor assurance but also prepare the ground for the Bitcoin value to attain its next significant price target of $100,000.
The analyst suggests re-accumulating BTC within its current trading range, indicating that the $99,600 level acts as an optimal ceiling for those aiming to take advantage of the expected breakout. If BTC surpasses the $99,600 resistance, Weslad forecasted a vigorous rally, with the Bitcoin value hitting the $115,000 to $117,000 range. This represents a 19% and 21% rise, respectively, from the present Bitcoin value. This prediction corresponds with broader market enthusiasm, as many traders foresee further growth in the ongoing bullish cycle.
Risky Actions For Bitcoin
In spite of the positive sentiment surrounding the Bitcoin value, recent holder dynamics have escalated, which may amplify selling pressure. In particular, on-chain information has drawn attention to a substantial transaction by the US government, which transferred around 20,000 BTC valued at approximately $1.92 billion at current market values to Coinbase wallets.
Such an action has raised alarms about a potential selloff by the US government, which could heighten the selling pressure in the immediate term. This, subsequently, could hinder BTC’s momentum towards $100,000, at least in the near term.
However, any such selloff would likely be effortlessly absorbed by the existing buying momentum surrounding BTC. A major catalyst of this demand has been the influx of investments into Spot Bitcoin ETFs. Data from CryptoQuant demonstrates that the demand for Bitcoin ETFs is as robust as during their initial approval this year. According to data from SoSoValue, Spot Bitcoin ETFs are currently experiencing four consecutive days of inflows, with $675.97 million worth of inflows recorded on December 3.
These factors imply that the Bitcoin value is still on track to reach the $100,000 benchmark before the year concludes. At the time of this writing, BTC was trading at $96,668, reflecting an increase of approximately 1% over the last 24 hours.
Featured image generated with Dall.E, chart from Tradingview.com
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