Bitcoin price has corrected by 1% in the last 24 hours, trading at $43.21k as of 6.30 AM EST, while its daily volume also suffered a 34% drop to $27.24 billion.
Previously, the coin reached the height of $44,345 late on December 5, the highest point in the last year and a half. The previous time Bitcoin was in the mid-40k range was in April of 2022, and back then, its price was seeing a sharp drop fueled by the crypto winter.
On December 4, a famous crypto trader known on X as Bluntz told his followers that Bitcoin spent about 38 days consolidating below $40k between late October and the end of November.
The trader, who accurately predicted the coin’s 2018 bear market bottom, believes BTC is preparing for a Santa Claus rally.
In his post, he said the consolidation period allowed the coin to create a solid base to support the upcoming rally. As for how far the coin can go — the trader believes that the $46k level is a minimum of what can be expected.
we just had a very nice and healthy month long vertical accumulation on #BTC, these sideways corrections build steam for the next leg up which i believe will take us up to $46k+ minimum.
🎅Enjoy the santa rally, ho ho ho🎅 pic.twitter.com/BXHbdGSFjN
— Bluntz (@Bluntz_Capital) December 4, 2023
Bitcoin Price Prognosis Amid Rally Expectations
Bitcoin’s price has seen a strong surge in December after spending nearly a month trying to breach the resistance at $38k. The opposition finally fell on December 1, and the coin has since breached $40k and $42k and climbed up to $44k.
Unfortunately, this latter resistance has proven too strong for now, and the BTC price was rejected to the $43k range.
Its trading volume has dropped since the price started decreasing, and the coin’s RSI score shows it is entering the oversold territory.
It is also worth noting that the Bollinger bands have narrowed over the last few days, suggesting that the rally may have hit an obstacle that would stop the price from increasing.
While the bullish movement has not yet turned fully into bearish, and therefore, it could yet continue — predictions of BTC hitting $46k in the next few days may be overly optimistic.
It is worth noting that December is typically one of the best months for Bitcoin, so it is still possible that the rally will continue after a short pause.
Alternatively, if the coin breaks the $43k support, the $40,000 psychological level could still stop it from returning to the $30k range.
But, should the bearish wave take hold, the worst-case scenario could see the coin take an extended fall toward $30,000.
Bitcoin Price: Promising Alternative to BTC
Bitcoin ETF (BTCETF) is one of the hottest crypto assets for investors seeking to differentiate their portfolio and buy something other than Bitcoin.
The token was created amid the Bitcoin spot ETF hype, and it seeks to attract those who believe that the US SEC will finally give a regulatory nod to one or more Bitcoin ETF applications.
— BTCETF_Token (@BTCETF_Token) November 1, 2023
As it turned out, many in the crypto community share this hope, which allowed the project to raise nearly $3 million as of writing.
The token’s price is currently $0.0064, although this will change in only three days when a price increase is scheduled.
Those who buy the token before the ETF gets approved will be eligible to receive rewards. The project has created a list of milestones for their supporters as each is reached.
— BTCETF_Token (@BTCETF_Token) November 2, 2023
Anyone who wishes to join the project can buy BTCETF in exchange for ETH or USDT. Alternatively, you can also buy it via credit/debit card.
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