Bitcoin price continued its consolidation path below the $99,000 price level, but investors were still determined to break above the six-figure mark. TradingView’s analysis reflects this bullish sentiment, with cryptocurrency analyst Waslad advising investors to hold on to their BTC.
BTC bullish setup within a widening wedge pattern
How – noted the analystSince the beginning of November, the Bitcoin price has been moving in an expanding wedge formation. This technical structure was highlighted by a series of higher highs and higher lows. Waslad’s analysis focuses on the BTC price movement within this expanding wedge, with a target well beyond the $100,000 mark.
However, the analyst highlighted the $99,600 price level as the most significant obstacle preventing Bitcoin from reaching $100,000. A successful break of this level would not only boost investor confidence but also set the stage for Bitcoin’s price to reach its next major price target of $100,000.
Analyst recommends accumulating BTC again in the current trading range, which suggests that the $99,600 level represents an ideal ceiling for those looking to take advantage of the anticipated breakout. If BTC breaks through the resistance at $99,600, Weslad predicted a keen rally, with Bitcoin price reaching a range of $115,000 to $117,000. This translates into an escalate of 19% and 21%, respectively, compared to the current Bitcoin price. This projection is in line with broader market sentiment, as many traders expect further gains in the ongoing bullish cycle.
Risky moves for Bitcoin
Despite the bullish sentiment around Bitcoin’s price, holder momentum has picked up recently, which could escalate selling pressure. In particular, the chain data highlighted a significant transaction by the US government, which has moved approximately 20,000 BTC worth approximately $1.92 billion at current market rates for Coinbase wallets.
The move has raised concerns about a looming sell-off by the U.S. government, which could escalate selling pressure in the low term. This, in turn, could derail BTC’s move towards $100,000, at least in the low term.
However, any such sell-off would be easily absorbed by the stock market current purchasing dynamics around BTC. An significant factor driving this demand was the inflow of funds into Spot Bitcoin ETFs. Data from CryptoQuant shows that demand for Bitcoin ETFs is as sturdy as when they were initially approved this year. According to data from SoSoValueThe Spot Bitcoin ETFs are currently seeing inflows for four consecutive days, with $675.97 million inflows on December 3.
This momentum suggests that Bitcoin’s price is still on track to reach $100,000 before the end of the year. At the time of writing, BTC is trading at $96,668, up about 1% in the last 24 hours.
Featured image created with Dall.E, chart from Tradingview.com
