Bitcoin Price Prediction for December: Can it Break the $100,000 Barrier?Bitcoin surged past its consolidation range ($50,000 to $73,600) in early November, enjoying a nearly 20-day rally that culminated in a historic high of $99,588 on November 22nd, nearing the coveted $100,000 mark. However, despite widespread market expectations of a breakthrough, the price experienced a correction, falling back to around $90,000
Bitcoin Price Prediction for December: Can it Break the $100,000 Barrier?
Bitcoin surged past its consolidation range ($50,000 to $73,600) in early November, enjoying a nearly 20-day rally that culminated in a historic high of $99,588 on November 22nd, nearing the coveted $100,000 mark. However, despite widespread market expectations of a breakthrough, the price experienced a correction, falling back to around $90,000. This rally, exceeding $30,000 with minimal pullback, surpassed most predictions. In early October, when Bitcoin hovered around $60,000, levels of $70,000, $80,000, and even $90,000 seemed unattainable. Yet, following [Trump's election/a significant market event please clarify which event you're referring to], major capital directly broke through the six-month high of $73,600, achieving a weekly breakout and maintaining an upward trend for three consecutive weeks before entering a brief correction at the end of November.
So, what will Bitcoin's trajectory be in December? Can it break the $100,000 barrier this year, or will it enter a correction period instead? These questions are highly relevant.
First, let's analyze the weekly trend. Weekly charts typically span several weeks, representing larger cycles and indicating mid-term market direction. The weekly chart shows an upward trend starting in October of last year, lasting until early March of this year, forming a large three-wave upward movement (comprising two upward waves). The correction from $73,600 in early March to early October represents a four-wave correction. Currently, Bitcoin is in the fifth wave of a major upward trend; these typically last 5-6 months. Therefore, the likelihood of Bitcoin entering a bear market in the short term is low a conclusion from technical analysis. Moreover, from a news perspective, [Trump's inauguration/the specific event and] the US government's positive announcements regarding blockchain, including potential Bitcoin reserve policies, are positive market catalysts.
This weekly trend bears some resemblance to the upward trend of October last year, although history doesn't repeat itself exactly. The current weekly upward trend is in its first wave, having run for four weeks post-breakthrough. Typically, this Bitcoin weekly upward trend will last eight weeks, with two weeks of adjustment in between. This suggests Bitcoin will consolidate next week, finding significant support at the 5-week moving average (around $89,000). After securing this support, the following week (the week of December 9th) will see a renewed upward trend, lasting 2-3 weeks.
The monthly chart shows a massive bullish candlestick that established the foundation for Bitcoin's subsequent strong upward movement. December's monthly candlestick is expected to remain bullish, and under normal circumstances, the main upward trend should continue until at least March next year.
The daily chart shows Bitcoin is currently consolidating, repairing the MACD technical indicator. A bullish crossover of the MACD indicator above the zero line is required before further upward movement can be expected.
Looking back at Bitcoin's history, a four-year cycle has been observed, which remains valid. In January next year, [Trump's inauguration/ clarify event] is expected to lead to further Bitcoin-friendly policies, and the possibility of US Bitcoin reserves cannot be excluded; after all, it's a potentially effective tool to alleviate US debt pressure. Therefore, a Bitcoin price of $150,000 next year isn't impossible, though it's more likely to happen around March. A more in-depth analysis will be conducted closer to the time.
In summary, addressing the initial three questions, we provide the following predictions:
1. Bitcoin price movement in December: A correction will occur in early December, forming a lower shadow; this adjustment will conclude around December 5th. Subsequently, the price will rise until around December 20th, targeting $105,000-$110,000.
2. Will Bitcoin break $100,000 before the end of December? The chances of breaking $100,000 before the end of December are high. While reaching $120,000 is less likely, $110,000 is a strong probability.
3. Short-term correction: Bitcoin will undergo short-term daily corrections, with limited downside potential, finding support at the 5-week moving average, making this a good buying opportunity.
In conclusion, while market uncertainty exists, based on technical and news analysis, Bitcoin has significant upward potential in December. Investors should closely monitor market developments and make prudent decisions.
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