A popular trading indicator used to track buyer demand on the Binance exchange is showing the potential for Bitcoin to retest the psychological price level of $100,000 before the end of 2024.

As of October 28, the Taker Buy Volume index — the total volume of buy transactions executed by ‘takers’ on the exchange — has formed higher lows, indicating increased interest from investors. In an analysis note on December 27, Burrakesmeci, a contributor to CryptoQuant, stated that this could be a sign that the price of Bitcoin will continue to rise in the near future.

At the moment, $BTC is trading at $96,781 while there were clear signs of increased interest from investors earlier.

Signals of increased interest from Bitcoin investors.

Takers are buyers willing to accept the best market price, signaling increasing buying pressure and strong interest from investors. The continuous growth of Taker Buy Volume is a sign that a bullish trend may be forming.

CryptoQuant's chart shows that on December 1, Bitcoin's Taker Buy Volume hit a low of under $5 billion, but by December 15, the index was nearing $6 billion and broke this mark on December 25. These three higher lows are strong indicators that a bullish trend may be gradually forming.

Burrakesmeci commented:

"Although the market may be overheated and going through a correction, the continuous increase in Taker Buy Volume suggests that Bitcoin's price may continue to rise in the coming days."

Bitcoin: Taker Buy Volume – Binance | Source: CryptoQuant

The familiar pattern suggests that Bitcoin's history is repeating itself.

The price of Bitcoin has traded below $100,000 since December 19, after first breaking this threshold on December 5. The current price has dropped 10.4% from the all-time high of over $108,300 recorded on December 17.

Some traders predict that Bitcoin's current chart is forming a pattern similar to December 2023.

In the first three months of 2024, after the Bitcoin ETF was approved in January, the price of Bitcoin rose nearly 90%.

Anonymous trader Jack shared in a post on December 26 on X:

"The current price movement of Bitcoin seems very similar to last year's price movement."

Trader Titan of Crypto also shares the same view:

"I do not assert that this scenario will occur, but the current Bitcoin price chart is very similar to the end of 2023 — it seems that the 2024 pattern is unfolding about three weeks earlier than expected."