Bitcoin (BTC) has been struggling to rally to the highly anticipated $100,000 price mark in recent days, leaving investors wondering about its near-term price movement. Despite this setback, several prominent crypto analysts believe that December will be bullish for Bitcoin. Juan Pellicer, a Senior Researcher at IntoTheBlock, predicts that Bitcoin’s price will surpass $100,000 due to institutional demand through Bitcoin ETF inflows. The current market structure suggests strong accumulation phases, according to Pellicer.
On the other hand, BTC ETFs have experienced net outflows this week for the first time in two months, totaling $458 million, following a significant drop in Bitcoin’s price. The decline in the price pullback may have prompted institutional investors to withdraw funds from these ETFs in response to the market shift. However, Brian Quinlivan, Lead Analyst at Santiment, believes that Bitcoin whales will continue to accumulate the coin, indicating a bullish December for Bitcoin.
Julio Moreno, Head of Research at CryptoQuant, also predicts a bullish scenario for Bitcoin in December, with a possible short-term resistance at $105,000. An assessment of BTC’s on-chain realized price bands reveals that the $105,000 price band was a significant resistance level back in March when Bitcoin briefly reached $74,000. This historical resistance level may impact the coin’s future price action, leading to a potential pullback once Bitcoin nears the max band around $105,000.
Bitcoin is currently trading at $96,795, with the need to reclaim its all-time high of $99,588 to pave the way for a potential rally above $100,000 in December. However, if selling pressure increases, BTC’s price may fall towards $88,986, invalidating the bullish projections of the analysts. Despite the uncertainties, the overall sentiment among crypto analysts remains optimistic about Bitcoin’s prospects in December.
In conclusion, Bitcoin’s journey towards the $100,000 price mark has faced some challenges in recent days, but analysts foresee a bullish December ahead. Institutional demand through Bitcoin ETF inflows, whale accumulation, and historical resistance levels all point towards a potential rally above $100,000 for Bitcoin. However, investors should remain cautious as the market dynamics can shift quickly, potentially leading to price pullbacks. Overall, the outlook for Bitcoin in December remains positive, with several factors suggesting a potential breakout above $100,000 in the near future.
