Bitcoin price has continued its consolidation path below the $99,000 price level, but investors remained determined to break through six digits. An analysis on the TradingView platform conveys this bullish sentiment, and cryptocurrency analyst Waslad advises investors to hold on to their BTC.
BTC Bullish Setup Within Widening Wedge Pattern
As the analyst pointed outBitcoin price has been trading in a widening wedge pattern since early November. This technical structure has been highlighted by a series of higher highs and higher lows. Waslad’s analysis focuses on BTC price movement within this widening wedge pattern, with the target well beyond the $100,000 mark.
However, the analyst highlighted the $99,600 price level as the most important obstacle preventing a Bitcoin price of $100,000. A successful breach of this level would not only boost investor confidence but also set the stage for Bitcoin price to reach its next major price target of $100,000.
the analyst advises to accumulate BTC again within its current trading range, suggesting that the $99,600 level serves as an ideal boundary for those looking to capitalize on the anticipated breakout. If BTC breaks the $99,600 resistance, Weslad predicted a strong rally, with Bitcoin price reaching the $115,000 to $117,000 range. This translates to an increase of 19% and 21%, respectively, from the current price of Bitcoin. This projection aligns with broader market sentiment, as many traders anticipate further gains in the ongoing bull cycle.
Risky moves for Bitcoin
Despite the bullish sentiment surrounding Bitcoin price, recent holder momentum has increased, which could increase selling pressure. In particular, on-chain data has drawn attention to a major US government transaction. which moved approximately 20,000 BTC valued at around $1.92 billion at current market prices in Coinbase wallets.
Such a move has raised concerns about an imminent sell-off by the US government, which could increase selling pressure in the near term. This, in turn, could derail BTC’s push towards $100,000, at least in the short term.
However, any such liquidation would be easily absorbed by the current buying momentum around BTC. A major driver of this demand has been the influx of funds into spot Bitcoin ETFs. Data from CryptoQuant shows that demand for Bitcoin ETFs is as strong as when it was initially approved this year. According SoSoValue dataBitcoin Spot ETFs are currently on four consecutive days of inflows, with $675.97 million worth of inflows on December 3.
This dynamic suggests that Bitcoin price is still on track to reach the $100,000 mark before the end of the year. At the time of writing, BTC was trading at $96,668, up about 1% in the last 24 hours.
Featured image created with Dall.E, chart from Tradingview.com
