How will Bitcoin perform in December, can it reach 120,000?
After breaking out of a long-standing range (from 50,000 to 73,600) in early November, Bitcoin surged for nearly 20 days, reaching a high of 99,588 on November 22, close to the 100,000 mark. As everyone was optimistic about breaking through 100,000, the market makers initiated a short-term correction, pulling back to around 90,000.
This wave of increase was over 30,000 points, and there was no correction along the way, which can be said to have greatly exceeded all ownership expectations. In early October, when Bitcoin hovered around 60,000, it seemed that 70,000 and 80,000 were somewhat unattainable, let alone 90,000. However, after Trump's election, the main force directly broke through the historical high of 73,600, resulting in a weekly level breakout and a continuous three-week rise, finally starting a brief correction in the last week of November.
So how will Bitcoin perform in December? Will it break through 100,000 again this year or will it directly enter a correction cycle? These are the questions we are concerned about. Let's first look at the weekly trend, at the weekly level.
Weekly Trend of Bitcoin
From the weekly perspective, the upward trend that started in October last year continued until early March this year, which was the large three-wave rise at the weekly level. The correction from the 73,600 high in early March to early October this year is a large four-wave correction at the weekly level. Currently, we are in a large five-wave upward trend at the weekly level, which is expected to last at least 5-6 months. So, don't worry that Bitcoin will enter a bear market in the short term; this is determined by technical aspects, alongside positive news about blockchain since Trump's administration, including the U.S. reserve storage, etc.
That means:
1. The Bitcoin trend in December will first see a suppression followed by a rise, with adjustments and lower shadows at the beginning of the month, expected to end around December 5, and will continue to rise until around December 20, targeting 105,000 to 110,000.
2. A breakthrough above 100,000 will occur before the end of December, and while reaching 120,000 is possible, the probability is not high. However, reaching 110,000 still has a reasonable probability.
3. In the short term, Bitcoin will have daily line repairs, and the correction space will not be large. It will find support at the 5-week moving average, which is a good entry point for buying.
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