Bitcoin’s supremacy will come back when the price of BTC tries to climb 44 thousand dollars
Bitcoin (BTC) sought to overcome weekly range resistance on December 20 as BTC price strength battled altcoins for supremacy.
USD 46,300 came out as BTC price target
Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it neared $44,900 after the Wall Street open.
After dropping to $40,000 earlier in the week, Bitcoin has shown a comeback to make traders rethink the possibility of a lower low.
Commenting on the current market trend, the well-known trader Credible Crypto Ether (ETH) saw a local bottom, further strengthening the possibility of continuation for BTC.
Another reason that there is a good chance that our local bottom is in $BTC and we may not get the 40k sweep that I talked about earlier is because $ETH has hit the lower target that I talked about in my last video update.
If the bottom is in $ETH, maybe in… pic.twitter.com/PuRUYmeuor
— CrediBULL Crypto (@CredibleCrypto) December 20, 2023
Estimating where this continuation could go in the short term, analyst Matthew Hyland sees a new high of just over $46,000 in 2023.
“BTC is now at the top of a double bottom reversal,” he told subscribers on X (formerly Twitter) earlier in the day.
“If the difference is confirmed, the price target will be around $46.3k. From the beginning of this month, it is necessary to break resistance at annual highs.
The accompanying chart highlighted a double-bottom formation that included support at $40,000 in December.
Describing the support tests as a “deep pullback,” fellow trader Jelle agreed, saying Bitcoin was “eager to break out.”
#Bitcoin is taking off!
Could it be about $48,000? pic.twitter.com/FxrnG3UnJd
— Jelle (@CryptoJelleNL) December 20, 2023
The current local high on Bitstamp is $44,729, indicating Bitcoin's highest levels since April 2022.
Bitcoin, meanwhile, regained lost market share, with a market dominance of 53.8%, up 0.8% from earlier in the week.
The Biggest News Since the White Paper”
The U.S.'s first bitcoin spot continues to be bullish amid the ongoing debate over an upcoming decision on an exchange-traded fund (ETF).
RELATED: Coinbase Stock 2023 Returns Exceed 400% As COIN Tech Giant, Beats Bitcoin
Back in the day, celebrity investor Fred Krueger was optimistic about the ETF going forward, seeking to explain the muted market's “forward run.”
If you work at the ETF desk at BlackRock, you're under strict orders not to screw up what Saylor calls the most valuable financial market product in 30 years, citing a recent ETF opinion. Michael Saylor, CEO of MicroStrategy.
“The last thing is to buy GBTC, MSTR or some competing products. The last thing is to buy and deposit actual BTC. [into] Your dedicated ETF Coinbase security account.
Kruger argued that political events in the US could contribute to markets' cold feet despite the ETF's approval, “the biggest news in Bitcoin since the white paper.”
According to Cointelegraph, the decision will be made in three weeks, January 10 is the last day.
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.
