Bitcoin eyes $ 45K as the trader says to get BTC price ‘perfectly primed’
Bitcoin (BTC) clings to a strong trading range heading into the weekly close of December 24 as a trader predicts a new BTC price breakout.
Trader on BTC price: “It really won't get much better”
Data from Cointelegraph Markets Pro and TradingView closely followed sideways movements for BTC/USD over the weekend.
These began at the end of Wall Street's trading week, the last before the Christmas period, when Bitcoin rejected the final US macro data exchange of the year.
At around $43,500, however, the largest cryptocurrency is in “absolute prime,” according to prominent trader and analyst Credible Crypto.
In recent posts on X (formerly Twitter), Credible Crypto argued that recent flat trading is a sign of accumulation.
“It really doesn't get any better than this,” one of the posts said.
“Some final accumulation going on here before pushing to 50k+ imo.”
A reset of market indicators, he added, is also a key element needed to fuel continuity.
“We've got price locked in a narrow stock range, Cumulative OI hitting new local lows (very healthy), Coinbase spot buyers doing their job and funding about to fully resume. The upside is absolutely set for the next leg – just one more quick swipe to fill a few more bids first.” Hopefully we'll get to the low 43k's.
Order book information on the BTC/USDT pair on the largest international exchange Binance, meanwhile, showed a key resistance level to overcome further.
That compares to an asking price of just under $45,000 on the day and an asking price of $92 million.
#FireCharts shows ~$92M stacked above #BTC resistance. pic.twitter.com/cbfgyk9b7x
— Material Indicators (@MI_Algos) December 23, 2023
Reflecting a comparative view, Keith Allan, founder of Material Indicators, argued that the holiday shopping activity may not be enough to break the bulls. But if liquid holders move elsewhere, resistance could be reduced.
“Those who are ‘pulling the ceiling' have helped Bitcoin to make a few R/S reversals since October, so it is ready, but IMO a continuation of consolidation and/or correction will be very healthy for the market,” said X Commentary.
Bitcoin leads modest gains for December.
With near year-over-year gains, Bitcoin is currently on track for the month of December.
Related: Bitcoin trader with $12K BTC price target warns of ‘weeks' coming to crypto
Data from Statistical Input shows that CoinGlass has gained around 16% monthly since December 23rd. The quarterly performance, however, stands out – at 62%, this is Bitcoin's best since 2020.
As Cointelegraph continues to report, BTC price forecasts for most market participants are focused on a high of $48,000 ahead of the key note date – the expected launch of the first U.S.-based Bitcoin spot price exchange-traded fund, or ETF.
A popular theory, however, involves a significant market reversal on or after the announcement by the end of January 10, 2024.
This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.
