CandleFocus Bitcoin Price Prediction: Analyst Releases Bullish End Of Year Forecast Despite Failure At $100,000
2024-12-08
Author: Content Editor
The news content discusses how Bitcoin's recent correction does not indicate a negative outlook for the cryptocurrency, as investor sentiment remains in the extreme greed zone. Technical analysis suggests that Bitcoin could still reach well above $100,000 by December 2024. A detailed analysis on the TradingView platform predicts historic cryptocurrency liquidations on December 5, 2024, with a total of $1.1 billion in liquidations. Despite the correction, the analyst believes Bitcoin's uptrend remains intact due to the Fear and Greed Index remaining in the greed zone, indicating optimism among market participants. The altcoin market shows little reaction to Bitcoin's price movement, potentially indicating a possibility of another downward wave before a broader market recovery. The analyst also suggests that Bitcoin could experience a further decline below $90,000 before rallying to $110,000. The upcoming Federal Open Market Committee meeting is expected to inject further momentum into Bitcoin's price recovery. On-chain data shows that Bitcoin whales are taking advantage of the price decline by acquiring more BTC. Currently, the Bitcoin price is trading at $99,450, close to breaking above $100,000 again.
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