Saturday, July 13, 2024

BTC price 'absolutely primed' to gain says trader as Bitcoin eyes $45K

Must read

Bitcoin (BTC) stuck to a rigid trading range into the Dec. 24 weekly close as one trader predicted a fresh BTC price breakout.

BTC/USD 1-hour chart. Source: TradingView

Trader on BTC price: “It really does not get much better”

Data from Cointelegraph Markets Pro and TradingView followed strictly sideways moves for BTC/USD over the weekend.

These had begun into the end of the Wall Street trading week, the last before the Christmas holiday period, as Bitcoin rejected volatility off the year’s final United States macro data.

At around $43,500, however, the largest cryptocurrency is “absolutely primed” to head higher, popular trader and analyst Credible Crypto says.

In recent posts on X (formerly Twitter), Credible Crypto argued that recent flat trading is a sign of accumulation.

“It really does not get much better than this,” one of the posts summarized.

“Some final accumulation going on here before the push to 50k+ imo.”

Market indicators resetting, he added, is also a key component needed to fuel upside continuation:

“We have price trapped in a tight accumulation range, aggregate OI hitting new local lows (very healthy), Coinbase spot buyers doing their thing, and funding nearly fully reset. Absolutely primed for the next leg up — hopefully we get one more quick swipe into low 43k’s to fill a few more of my bids first.”

Bitcoin market data charts. Source: Credible Crypto/X

Order book data for the BTC/USDT pair on largest global exchange Binance meanwhile showed the key resistance level to overcome next.

This lay at and just below $45,000 on the day, and corresponded to around $92 million in ask liquidity, as reported by trading resource Material Indicators.

#FireCharts shows ~$92M in #BTC resistance stacked overhead.

— Material Indicators (@MI_Algos) December 23, 2023

Adopting a contrasting perspective, Material Indicators co-founder Keith Alan argued that holiday trading activity might not be sufficient for bulls to break through. The resistance, however, may thin out should liquidity owners reallocate.

“Those ‘roof pulls’ have helped Bitcoin make a few R/S flips since October so prepared for that, but IMO continued consolidation and/or correction would be much healthier for the market,” part of X commentary stated.

Bitcoin heads for modest December gains

With the yearly close incoming, Bitcoin is currently on track for a fairly average December.

Related: Bitcoin trader with $12K BTC price target warns ‘weeks’ to crypto comedown

Data from statistics resource CoinGlass shows month-to-date gains at around 16% as of Dec. 23. Quarterly performance stands out, however — at 62%, this is already Bitcoin’s best since 2020.

BTC/USD returns (screenshot). Source: CoinGlass

As Cointelegraph continues to report, BTC price predictions have centered on a maximum $48,000 prior to the key diary date for most market participants — the expected approval of the first U.S. Bitcoin spot price exchange-traded fund, or ETF.

A popular theory, however, involves a significant market reversal at or after the announcement, due by Jan. 10, 2024.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

More articles

Latest article