What Happened with Bitcoin?
According to Juan Pellicer, a Senior Researcher at IntoTheBlock, December will be a bullish month for Bitcoin. This bullish bias will be driven by “unprecedented institutional demand via Bitcoin ETF inflows,” which will push the coin price above US$100,000.
Nevertheless, another analyst, Brian Quinlivan, Principal Analyst at Santiment, predicts a bullish December for Bitcoin. According to Quinlivan, Bitcoin crypto whales will drive this growth if they continue to accumulate this king coin.
While also admitting that Bitcoin prices may rally above US$100,000 in December, Julio Moreno, Head of Research at CryptoQuant, noted that the coin may face short-term resistance at US$105,000.
According to Moreno, an assessment of BTC's on-chain realized price band revealed that the price band near US$105,000 (the maximum band) was a significant resistance level in March when Bitcoin briefly reached US$74,000. This historical resistance may now influence the future price action of this coin.
This means that when the $BTC price approaches this maximum band around US$105,000, it may experience a correction.
For the US$100,000 prediction to come true, the coin must reclaim its all-time high of US$99,588, which has been a resistance level, and turn it into a support floor. If this happens, the coin may rally above US$100,000 in December.
On the other hand, if selling pressure increases, BTC price may fall towards US$88,986, invalidating analysts' bullish projections.
source: id. beincrypto. com