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Bitcoin price is down 2% over the last 24 hours and is trading at $41,178 as of 11:30 PM EST time, but trading volume is up 35%.
Investors come out of the weekend ready for action. The bears are dominant, with the Moving Average Convergence Divergence (MACD) giving a sell signal. Expectations of a pullback continue to grow, with traders anticipating a return to the $36,000 to $37,000 range.
I think there is one more run towards 44 km before the nuclear bomb.
I still expect 36/37k to hit.
Disability above 46 k#btc
Oh and I forgot to say
Q1 2024 = $55,000 #btc ????— WIZZ (beware of scammers) (@CryptoWizardd) December 17, 2023
One trader has noticed that the Bitcoin price has completely reset the daily Relative Strength Index (RSI). It puts the momentum indicator at its lowest level in two months. The last time the BTC RSI was this low was when the Bitcoin price was $27,300.
#BTC has now completely reset the daily RSI, which was discussed as a possible scenario
The daily RSI is now at a 2-month low and at a level where the BTC price was $27.3k, but is now $41k: https://t.co/2Qyu6YyJfi pic.twitter.com/X8YQVI20yM
— Matthew Hyland (@MatthewHyland_) December 18, 2023
With the RSI recording lower lows while the Bitcoin price registers higher highs, this outlook sets up a bearish divergence.
Due to the multiple sell signals, one analyst is weighing a 50% decline below current levels. This would mean that the Bitcoin price reaches the $20,500 level again.
The #BTC the price could easily drop 50% from here.
I don’t think it’s likely, but no one knows for sure.
Doesn’t change my thoughts though:#Bitcoin will be worth much more in ten years than it is today.
— Rajat Soni, CFA (@rajatsonifnance) December 18, 2023
For now, however, the bulls remain in control as both the MACD and the Awesome Oscillator (AO) are in positive territory. The position of the RSI above the 50 center line is also a good sign, indicating strong price strength.
⚡#BTC the first red pack of red from early October.
Despite closing for 8 consecutive weeks, the entire CT turns into a bearish red candle.
The cows still have full control. pic.twitter.com/qyTvEnuhVd— Trading Education (@tradingedu_co) December 18, 2023
Jan Van Eck expects new record highs for the Bitcoin price in 2024
Due to the bullish outlook, Jan van Eck, CEO of VanEck, expects a new record for BTC. His prediction follows the recent Federal Open Market Committee (FOMC) meeting, with minutes pointing to interest rate cuts in 2024.
Fed Chairman Powell said: “Today we decided to leave our policy rate unchanged and continue to reduce our securities holdings. Given how far we have come, along with the uncertainties and risks we face, the committee is moving cautiously.” #FOMC pic.twitter.com/ZiOCKcrT9b
— CSPAN (@cspan) December 13, 2023
“The macros behind Bitcoin and gold are very strong,” he told CNBC Television in an interview, adding that the two assets are “performing similarly,” peaking in 2021 and rallying in 2023.
Acknowledging that the Bitcoin price is up 170% this year, the VanEck manager expects more gains to come. He predicts new all-time highs in 2024, driven by events such as the BTC halving. The event is scheduled for April 2024, with miner rewards reduced by 50%.
Bitcoin price forecast
As is the case for the weekly time frame, Bitcoin price faces a supply barrier even in the three-day time frame, ranging from $44,074 to $47,488. With the bulls still leading the market, BTC’s market value could overcome this order block, turning it into a bullish breaker above the psychological level of $48,000.
To confirm the uptrend, Bitcoin price must mark a three-day candlestick close above the average threshold (centerline) of the order block at $45,843.
A move above the psychological level of $48,000 would set the tone for Bitcoin price to then target the psychological level of $50,000, or higher, testing the $60,000 mark. In very bullish cases, BTC price could move a neck higher to test the $69,000 high. Such a move would represent a 67% increase above current levels, potentially setting the tone for a longer move north.
The RSI remains above the 50 level, while the AO and MACD remain within the positive territory. This shows that the bulls continue to lead the market, accentuating the bullish thesis.
Reverse case
On the other hand, a rejection of the three-day supply barrier could send Bitcoin price south, turning the $37,800 support into resistance. An extended squeeze could see the cryptocurrency king drop lower than the 50-day Simple Moving Average (SMA) at $31,684 to test the psychological level of $30,000. A break and close below this level would invalidate the bullish thesis.
In the severe case where the above-mentioned level cannot hold as support, Bitcoin price will test the 100- and 200-day SMA at $29,648 and $25,625 levels, respectively.
Meanwhile, as the BTC community looks forward to the halving and the euphoria surrounding the anticipated Bitcoin Exchange-Traded Funds (ETFs), a new Bitcoin derivative, BTCETF, has hit the market, trending as analysts expect 10x growth potential.
Promising alternative to Bitcoin
BTCETF is the native asset for the Bitcoin ETF Token ecosystem, a project that rewards token holders when spot BTC ETF products are approved. Investors looking to reach this milestone can purchase Bitcoin ETF Token at the lowest possible price to ensure they become hodlers before the first Bitcoin ETFs are approved.
#BitcoinETF represents one #Crypto token closely associated with $BTC and the approaching #SEC approvals for the expected #ETFs.
Join our news channel for the latest updates. ????️
Follow along, turn on notifications and stay informed about monumental #Bitcoin events! ???? pic.twitter.com/HqNWM7AH5l
— BTCETF_Token (@BTCETF_Token) December 16, 2023
The project marks the anticipation of the launch of the Bitcoin ETF in the US market. It represents a crypto token closely tied to BTC and the upcoming SEC approvals for the expected ETFs.
What is the role of the $BTCETF #Token? ????
This ERC-20 token marks the expectation of #Bitcoin ETFs entering the US financial landscape. ???? pic.twitter.com/RAhD5uuqi9
— BTCETF_Token (@BTCETF_Token) December 16, 2023
The Bitcoin ETF Token project is in the pre-sale phase, with revenue now reaching $4.669 million, from a target of $5.059 million. The token is selling for as low as $0.0068 at its current stage, giving interested investors the opportunity to purchase BTCETF at low rates before its likely exponential growth upon listing.
#SEC establishes a new “Cash Redemption Model”. #Bitcoin Place #ETF applicants, which affects the approval criteria.@InvescoEMEA takes over initially @Black rock introduces “Prepay” for easier participation on Wall Street.
How can these models reshape the accessibility of ETFs?#BitcoinETF has… pic.twitter.com/NN4nnfEJ2M
— BTCETF_Token (@BTCETF_Token) December 14, 2023
Visit the Bitcoin ETF Token website to purchase BTCETF on presale here.
Also read:
New Crypto Mining Platform – Bitcoin Minetrix
- Controlled by Coinsult
- Decentralized, secure cloud mining
- Earn free Bitcoin every day
- Native token now on pre-sale – BTCMTX
- Staking Rewards – Over 100% APY
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