Emily Walker
The price of Bitcoin is currently stabilizing below the $99,000 mark, but investors are eager to push it above the six-figure threshold. Insights from the TradingView platform indicate a positive outlook, with analyst Waslad encouraging investors to retain their BTC holdings.
Analyzing BTC’s Promising Pattern
According to Waslad’s observations, Bitcoin has been moving within a broadening wedge pattern since early November. This pattern is characterized by increasingly higher peaks and troughs. The analyst predicts that if Bitcoin maintains its movement in this pattern, it could surpass the $100,000 milestone.
The critical resistance level is identified at $99,600, which is viewed as a major hurdle for Bitcoin to clear in order to reach the $100,000 target. A breakout above this level would bolster investor optimism and potentially escalate Bitcoin’s price towards its next significant target.
Waslad recommends accumulating BTC while it trades in its current range, noting that $99,600 serves as a compelling resistance point. Should Bitcoin break through this barrier, a rapid price increase to the $115,000 to $117,000 range is anticipated, marking a potential rise of 19% to 21%. This forecast aligns with the overall market trend, where traders expect continued upward movement in Bitcoin’s price.
Potential Risks for Bitcoin Investors
However, despite the overall positive sentiment, there are recent holder dynamics that could trigger increased selling pressure. Particularly concerning is the US government’s recent transaction involving nearly 20,000 BTC, amounting to about $1.92 billion, moved to Coinbase wallets.
This move has raised fears of an impending selloff from the government, which might heighten short-term selling pressures and disrupt Bitcoin’s ascent towards the $100,000 level, at least temporarily.
Nevertheless, any potential selloff could likely be offset by the existing strong buying momentum surrounding BTC. A significant factor contributing to this demand is the recent inflows into Spot Bitcoin ETFs. CryptoQuant reports that interest in Bitcoin ETFs remains robust, mirroring initial approval levels earlier this year. Notably, SoSoValue data indicates that Spot Bitcoin ETFs have experienced consistent inflows over the last four days, including $675.97 million on December 3.
These developments suggest that Bitcoin remains poised to target the $100,000 mark before year-end. As of the latest updates, BTC was trading at $96,668, showing a 1% increase over the past day.