• Relative activity of buying operations from corrective levels
•Bitcoin is expected to rise above $100,000 again
Bitcoin prices rose by about 1.5% during Monday's trading, on its way to achieving its first gain in the last three days, with relative activity in buying operations from corrective levels in the medium and long term.
The world's largest cryptocurrency, Bitcoin, has begun the "fair price discovery" phase, which is a process that determines the fair price of an asset in the market through the interaction of buyers and sellers.
Price overview
• Bitcoin price today: On the "Bitstamp" exchange, the price of the digital currency "Bitcoin" rose by about ($1,320), equivalent to about 1.5% to ($96,420), from the opening price of today's trading at ($95,100), and recorded its lowest level at ($93,639).
•At Sunday’s settlement on the Bitstamp exchange, Bitcoin prices lost 2.2%, marking the second consecutive daily loss, due to risk aversion.
• Bitcoin prices lost about 9% last week, in the first weekly loss in the last three weeks, and the largest weekly loss since last August, due to the acceleration of correction operations and profit-taking from the all-time high of $108,364 per crypto unit.
Cryptocurrency market cap
The market cap of cryptocurrencies rose by about $50 billion on Monday to a total of $3.470 trillion, due to the current recovery in the prices of Bitcoin and other major currencies.
Fair price stage
The price discovery phase is the process of determining the fair price of an asset in the market through the interaction of buyers and sellers, and a new phase begins once it is trading above its all-time high.
“Bitcoin has started the price discovery phase of this cycle,” trader and analyst Dan CryptoTrades said on Dec. 2. The asset has been trading above its previous all-time high for nearly a month, Dan added.
•Charles Edwards, founder of Capriole Fund, said: “In each cycle, we get 4 to 7 months of amazing returns from Bitcoin price discovery.”
Edwards added: The first month was in November, where the asset jumped 40% and set records for monthly candles. Edwards predicted that the coming months will provide amazing long opportunities, and that December was historically a bullish month for Bitcoin.
