Bitcoin (BTC) has faced a slight setback in its recent bullish run, struggling to reach the much-anticipated $100,000 price mark. The cryptocurrency has been consolidating below that mark in recent days, leaving investors speculating on its near-term price movement.
However, several crypto analysts remain optimistic about Bitcoin’s prospects in December. This analysis explores some of their predictions.
Bitcoin Could Rise Above $100K, Analysts Say
According to Juan Pellicer, Senior Researcher at IntoTheBlock, December will be bullish for Bitcoin. This bullish bias will be driven by “unprecedented institutional demand through Bitcoin ETF inflows,” which will push the price of the coin above $100,000.
We are seeing a highly bullish outlook for Bitcoin as we approach December, primarily driven by unprecedented institutional demand through Bitcoin ETF inflows. This surge in institutional participation, coupled with an easing of macroeconomic pressures, positions BTC favorably for a breakout of $100K. The current market structure suggests strong accumulation phases, the analyst told BeInCrypto.
In fact, BTC ETFs saw net outflows this week for the first time in two months. According to SoSoValue, outflows from these funds totaled $458 million. This decline comes after a significant drop in the price of BTC, which traded as low as $92,000 earlier this week. This price pullback may have prompted institutional investors to pull funds from these ETFs in response to the market shift.
Total Liquid Inflows for Bitcoin Spot ETF. Source: SoSoValue
However, Brian Quinlivan, Lead Analyst at Santiment, has predicted a bullish December for Bitcoin. According to Quinlivan, Bitcoin whales will drive this growth if they continue to accumulate the flagship coin.
Major Bitcoin stakeholders (wallets with 10+ BTC) accumulated an additional 63,922 BTC in November alone, worth $6.06 billion. Even with the top reached on Friday, they have not slowed down their accumulation. This should be taken as a positive sign that this slight dip is simply a pullback designed to eliminate weaker hands and traders who bought at $98K/$99K, Quinlivan said.
Bitcoin Supply Distribution. Source: Santiment
BTC Price Prediction: This Support Floor Is Key
However, while also agreeing that Bitcoin's price could surge above $100,000 in December, Julio Moreno, Head of Research at CryptoQuant, noted that the coin could face short-term resistance at $105,000.
According to Moreno, an assessment of BTC’s on-chain price ranges revealed that the range near $105,000 (maximum range) was a significant resistance level in March, when Bitcoin briefly hit $74,000. This historical resistance could now influence the coin’s future price action.
This means that once the price of BTC approaches this upper range around $105K, a pullback could occur.
Bitcoin On-Chain Realized Price Ranges. Source: CryptoQuant
Bitcoin is currently trading at $96,795. For the $100,000 predictions to come true, the coin needs to reclaim its all-time high of $99,588, which has become a resistance level, and turn it into a support floor. If that happens, the coin could surge above $100,000 by December.
Bitcoin Price Analysis. Source: TradingView
On the other hand, if selling pressure increases, BTC price could fall to $88,986, invalidating analysts' optimistic projections.
The article What to expect from Bitcoin (BTC) in December 2024? was first seen on BeInCrypto Brasil.
