Bitcoin: Breakthrough of $100,000, expected to surpass $150,000 in December
Short-term adjustments and medium-term increases
Bitcoin showed some signs of upward fatigue last week and at one point indicated a possible pullback to $90,000. This pullback signal mainly came from a top divergence at the 1-hour level. However, despite facing some adjustments in the short term, the overall market pattern remains very positive.
Currently, Bitcoin's price is fluctuating between $98,000 and $100,000, with the key point for short-term trends being whether it can break through the $98,000 high. If the breakout is successful, the target of breaking through $100,000 will become clearer. However, if it fails to break through and the price falls below $95,600, a significant pullback may occur in the short term.
Historical patterns and future outlook for December
Historically, Bitcoin tends to see significant increases in December during bull markets. For example, in 2021, Bitcoin rose by 28% in November and then further increased by 45% in December. Based on this pattern, if Bitcoin rises by 37% in October 2024, the increase in December could reach 60%. In that case, breaking through $150,000 for Bitcoin would not be an impossible target.
From the current technical perspective, Bitcoin may first undergo a high-level adjustment, and after completing the pullback, it could break through the previous high and further surpass the $100,000 mark. Key support levels in this process include $95,700 and $90,000. We recommend that investors buy on dips near these key support levels to prepare for medium- to long-term positioning.
Altcoins are soaring! Which coins to position next?
1.NEAR
NEAR is approaching the edge of a breakout.
Putting aside the wordplay, the situation indeed appears this way.
A downtrend line that has continued since early 2022 currently poses a major barrier to upward movement, with a breakout seemingly imminent.
Once the breakthrough is successful, the first target will be to conquer the next Fibonacci level, which is $8.53.
But more critically, the bullish forces of NEAR need to push the price higher until it surpasses the high volatility point of $9.11.
If this vision comes true, then the downtrend will officially end, and after that, there is a high probability of continuing to rise.
2.ATH
This altcoin is revolutionizing 'DePIN' through its advanced distributed infrastructure tailored for artificial intelligence and gaming. Additionally, Aethir aims to serve 'AI customers' that require the world's most powerful AI chips. All of this is achieved by bringing GPU cloud access to the community for everyone.
The Relative Strength Index (RSI) has exceeded the overbought range. Additionally, its SMA indicator continues to support the Aethir price chart, indicating a bullish outlook for the near future.
Assuming bullish sentiment is high, the ATH price may be preparing to retest this year's historical high. On the other hand, if the bears regain control, this altcoin may retest its lower support level of $0.050.
3.SHIB
The burn rate of Shiba surged by over 23,000% in 24 hours, significantly reducing its circulating supply. The reduction in supply enhances positive market sentiment. Currently, the price of Shib is $0.00003129, with a 24-hour trading volume of $5.6 billion and a market cap of $18.82 billion.
Its market share is 0.54%. In the past 24 hours, the price of SHIB has increased by 18.14%. The token has performed well relative to long-term indicators, trading at $0.00001879, which is 71.25% higher than its 200-day simple moving average. Shiba Inu has shown strong market activity, recording 16 positive trading days in the past 30 days.
Its high liquidity reflects its ability to facilitate large transactions without significant price changes. Notably, the Shiba Inu's annual inflation rate is slightly negative at 0.02%, indicating a decrease in its total supply.
