“We can see that the price of $BTC has been operating within a range between the price ranges of US$ 91,000 and US$ 98,600 since November 20. If bitcoin breaks the downward lateralization, the short and medium-term supports are in the liquidity regions of US$ 87,315 and US$ 80,400”, said Ana de Mattos, technical analyst and partner trader at Ripio.
“However, if the buying flow prevails stronger and the upward break occurs, the next targets are in the ranges of US$ 100 and US$ 105 thousand”, she added.
Bitcoin forecast in December
Historically, the month of December is usually positive for cryptocurrencies. In addition, investors and experts are accumulating expectations for the inauguration of Donald Trump as US president in January 2025. However, experts warn of points of attention needed throughout the month.
“Bitcoin ended November with an appreciation of more than 30%, standing out as one of the highest-returning assets of the month. Historically, December tends to be positive for the crypto market in bull cycles, but there are signs that this year may be an exception to the rule. The peak of the current cycle is expected in 2025, following the pattern observed in 2013, 2017 and 2021, which makes it unlikely that December 2024 will achieve comparable performances,” said Israel Buzaym, an expert at Bitybank.
“In addition, structural and cyclical factors suggest possible selling pressure in the short term. The end of the quarter and year is characterized by the rebalancing of portfolios by large institutional investors, such as investment funds and family offices, which historically can generate a partial liquidation of crypto assets to realize profits and adjust portfolios,” he added.
Recent data on inflation in the US point to a worsening in recent months, since interest rates began to be reduced. This trend brings a warning: continuing to lower interest rates could be risky and there is a chance that this cycle of cuts will be paused in December.
