The current trade price of Bitcoin (BTC), the top Cryptocurrency by market cap, is $96,696. This price level is 1.94% down over the last 24-hour trading period.
The current trade price of #Bitcoin is $96,696 pic.twitter.com/16mX665lso
— Bitcoinik (@Bitcoinikdotcom) December 22, 2024
Popular Crypto analyst on X (formerly Twitter) named Ali_chart said that currently, Bitcoin’s strong buy wall is very thick, ranging from $99,000 to $97,000. That means it will not be easy to see more corrections or corrections below the $97k level easily.
The most significant support threshold for #Bitcoin $BTC is between $99,000 and $97,000, based on the Cost Basis Distribution. We really don't want this level to become resistance! pic.twitter.com/iGTP8ANd8r
— Ali (@ali_charts) December 22, 2024
Another popular crypto analyst called this price correction, a basic step for Bitcoin to step for the next level pump.
#Bitcoin Consolidation Before the Next Leg Up 🚀 pic.twitter.com/i6SLjE4L7S
— Titan of Crypto (@Washigorira) December 21, 2024
As the capital inflow in the Bitcoin market because of institutional investors now increasing rapidly, crypto-friendly Bank Standard Chartered’s Global Head of Digital Assets Research Geoff Kendrick said that the inflow of capital may continue in 2025 & if it happens then surely the trade price of Bitcoin will surge to $200k level easily in the next 12 months.
This was a short-term price prediction for Bitcoin; on the other hand, some long-term big players believe that the trade price of Bitcoin will hit $1 million to $1.5 million in the next 10 years easily.
Bitcoin spot ETF Capital Outflow
On 20 Dec 2024, the Bitcoin spot ETF market saw an outflow of net $277 million, which badly impacted the bull sentiment, but people said that a short & sudden dump in the trade price of Bitcoin was needed in this phase to show more big rally in Jan 2025.
On December 20, the Bitcoin spot ETF had a total net outflow of $277 million, and the Grayscale ETF GBTC had a net outflow of $57.3609 million. The total net asset value of the Bitcoin spot ETF is $109.725 billion. https://t.co/59u0BnEqLG pic.twitter.com/xa9Rcnquy6
— Wu Blockchain (@WuBlockchain) December 21, 2024
On the same day, Ethereum spot ETF products faced a net outflow of $75.1159.
Ethereum spot ETF had a total net outflow of $75.1159 million on December 20, and the total net asset value of Ethereum spot ETF was $12.155 billion. The historical cumulative net inflow has reached $2.328 billion. https://t.co/Tvs2oCSxTg pic.twitter.com/accHR00Ko3
— Wu Blockchain (@WuBlockchain) December 21, 2024
All these outflows are hints that institutional investors are also in small panic, but simultaneously, big players are waiting for some more corrections to buy Bitcoin at a significantly low price to enjoy the rally.
Read also: Hacker succeeded in hacking the WazirX crypto wallet because of negligence & fault in the KYC system
