End-of-Year Trend of $BTC
Since the historical high of 108366.8, there have been three rounds of declines (yellow arrows), and the last two rounds seem more like a supplement or closing of the first round of decline, without even breaking the 90.2 low on November 15.
After a significant drop, there must be a significant rise or rebound; however, both rebounds (1, 2) halted below 100,000, with a drop of 16,000 dollars only recovering 7,700 dollars, which does not meet the demands of interest groups. Even at an average price of 9.5, the profit is not substantial.
Data on December 11 showed that there are over 480,000 addresses hoarding Bitcoin between 94 and 97. In fact, from November 20 until now, the price of Bitcoin has fluctuated mostly between 92 and 99 (Figure 2). To take a step back, even if the bull market ends, there will still be a B-wave surge.
From a timing perspective, after three days of decline, it has been in a sideways consolidation for nine days; can this be understood as accumulation? It is now at a critical position on the weekly, monthly, and yearly charts. Bitcoin rose from 42314 to 108366.8 in 2024, which is nearly a 2.5 times increase. Whether for the long-term development of cryptocurrency or to attract more off-market funds to step in, a significant drop is unlikely at this time!
Summary: Breaking the 4-hour consolidation range, forming a subsequent high is just around the corner!
