Bitcoin price prediction is highly bullish for December as well as for the year 2024. The chart pattern of BTC crypto favors the bulls and denotes strength in the rally displayed in October.
BTC price breakout of the $32,000 hurdle with a high volume and pushed the price toward YTD high. Later, many other investors participated in the rally and prices gained positive momentum.
Slow and steady prices began to rise and succeeded in breaking out of the next hurdle at $35,000. BTC price sustains above the 50-day and 200-day EMA showcase uptrend.
However, the price looks mildly overstretched and gone far away from the EMA. So, a minor profit booking may trigger at anytime from the higher levels. However, if the price retraces down to the EMA, the buyers will still be active and may show a sharp bounce.
In the previous session, the Bitcoin price attempted to break out of the $38,000 hurdle. But the attempt was not successful, the price closed below $37,000. It shows that sellers are also getting active and will not easily give up near $40K.
At prices, Bitcoin price is trading at $36,702 on a flat basis and 24-hour trading volume stands at 4.77%.
Does Bitcoin Price Look Overstretched?
Bitcoin price performed well in the last month and positive momentum is still intact in the current month. It showcases the strength and the confidence of the bulls.
The price action tells us that till the BTC price trades above $34,000, the bullish momentum will continue. Buyers are active at the support so any short-term downfall will be easily absorbed.
However, if the situation reverses and BTC crypto price slipped below $34,000 then initial signs of the short-term correction may be visible. The technical analysis suggests BTC price is in uptrend so it’s better to go for buy on dips.
Will BTC Price Consolidate Before Rising Upward?
BTC price displayed a massive breakout and turned bullish on the multiple time frame chart. The breakout looks powerful and reliable so, prices are likely to hold the higher levels.
Bitcoin price looks mildly overstretched so prices may consolidate for some time in the range between $34,000 to $38,000. Until $34K gets broken down, it will be risky to create short positions.
Technical indicators like MACD, RSI, and supertend all favor the bulls and indicate that more room for upside is open.
Conclusion
Bitcoin price prediction stays bullish for the upcoming months. The price seems to be in the bulls’ grip and upward momentum is likely to continue.
The analysis suggests the BTC price might consolidate for some time in a narrow range before hitting the 40K mark. However, the probability of the correction remains low.
Technical Levels
- Resistance levels: $38,000 and $40,076
- Support levels: $34,000 and $31,866
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an “average guitar player” and a fun footballer.
Source: https://www.thecoinrepublic.com/2023/11/10/will-bitcoin-price-show-correction-before-hitting-the-40k-mark/