The Bitcoin market is currently experiencing a period of anticipation, with popular trader and analyst Credible Crypto predicting a bullish movement. Despite recent flat trading, Bitcoin is "absolutely primed" for an upward trajectory, according to Credible Crypto. This optimism is based on various market indicators, such as a tight accumulation range, aggregate open interest hitting new local lows, and Coinbase spot buyers actively participating in the market. The expectation is for Bitcoin to push beyond $50,000 in the near future.
Order book data from Binance for the BTC/USDT pair shows a significant resistance level around $45,000, corresponding to approximately $92 million in ask liquidity. This resistance level is considered a crucial hurdle for Bitcoin's price movement.
In terms of performance, Bitcoin has shown a modest gain of around 16% for December, as per data from CoinGlass. Notably, its quarterly performance has been impressive, marking Bitcoin's best since 2020 with a 62% gain. Looking ahead, market analysts have centered predictions around a maximum of $48,000 for Bitcoin, particularly in anticipation of the potential approval of the first U.S. Bitcoin spot price exchange-traded fund (ETF). However, there's a theory suggesting a possible market reversal following the announcement, due by January 10, 2024.
Disclaimer: Please note that the information provided in this article is based on the referenced research articles. It is essential to conduct further research and analysis before making any investment decisions. The cryptocurrency market is highly volatile, and investors should exercise caution and consult with financial professionals before engaging in cryptocurrency trading or investment activities.