Bitcoin price is consolidating at higher levels, which is drawing attention to the double-digit rises in altcoins. For instance, after a long wait, MINA Coin climbed to the threshold of $1.13. SOL Coin today approached the $120 barrier closer than ever before. For the continuation of these exciting altcoin rallies, the BTC price needs to remain strong. So, what do analysts say?
Bitcoin (BTC) Predictions
As we entered the first week of June, we said we were entering the calmest week of the year. In those days, we experienced the most nightmarish week of the year with the Binance and Coinbase cases. However, now we might end the year with a very calm week. There are no significant developments on the macro front for the next 7 days. Monday is the Christmas holiday, and the markets are calm.
So, what are the analysts’ predictions? A crypto commentator known by the pseudonym Credible said that the BTC price, which is lingering at $43,500, will “definitely” rise. The commentator, who said that the recent sideways movement indicates accumulation, wrote the following while targeting new peaks;
“Indeed, it doesn’t get any better than this. There are some final accumulations going on here before BTC goes above $50,000. We have our price stuck in a tight accumulation range, total OI has reached new local lows (very healthy), Coinbase spot buyers are doing their job, and funding has almost completely reset. We are definitely ready for the next rise. Hopefully, we’ll have a quick dip/rise to the low 43,000s to fill a few more of my buy orders first.”
Bitcoin Price Target
Keith Alan, co-founder of Material Indicators, was much more cautious. The expert, who analyzes exchange liquidity, says that the weakened volumes during the holiday do not help the bulls overcome tough resistances. However, if liquidity holders redistribute, resistance could decrease.
“These ‘ceiling moves’ have helped Bitcoin make several R/S flips since October, so be prepared for that, but I think continued consolidation and/or correction would be much healthier for the market.”
Data from CoinGlass, as of December 23, shows a monthly gain of 16% for BTC. This is the best performance since the year 2020.
