Key Bitcoin Levels Under The Spotlight This Weekend: Insights From Glassnode

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As a seasoned crypto investor with over a decade of experience navigating market cycles, I’ve learned to appreciate the unpredictability that comes with this dynamic space. The recent surge of Bitcoin towards $100,000 has been a thrilling ride, reminiscent of the early days of internet stocks in the late 90s.

Over the last three weeks, Bitcoin (BTC), the leading cryptocurrency by market value, has seen an impressive surge and is approaching the significant threshold of $100,000.

After Donald Trump won the presidential election against Kamala Harris from the Democratic Party, there was an increase in investor trust for a new phase within a wider sector of the economy.

As a result, there’s been a surge in the use of the foremost cryptocurrency, as many significant international corporations are now incorporating it into their strategic reserve assets. Moreover, investments into Exchange-Traded Funds (ETFs) have risen significantly, fueling the ongoing upward price trend.

After a 7% drop in value, the Bitcoin price dipped down to approximately $91,000. Subsequently, it managed to reach $96,000 once more, leading some to speculate if it might surpass the $100,000 milestone before year-end.

Critical Support At $92,700

Last week’s highest price point of $99,540 has sparked curiosity among investors, causing them to ponder if Bitcoin can maintain its upward trajectory or if increased selling could result in a period of price stabilization.

Regardless of the uncertainties, Yann Allemann and Jan Happel from Glassnode have shared their views on Bitcoin’s possible future trends with December fast approaching. Recognizing the hurdles to come, they remain optimistic that reaching a $100,000 goal remains achievable.

On their recent social media update, previously known as Twitter, experts Allemann and Happel highlighted key price thresholds to keep an eye on when it comes to Bitcoin’s market movements.

It’s been observed that Bitcoin is currently moving in an upward trend, but it hasn’t managed to break through the resistance at around $97,200. If this resistance persists, a return to the $92,700 support level, which coincides with the Daily 20 Simple Moving Average (SMA), seems probable.

As a crypto investor, I firmly believe that this critical price range, which the two founders have identified, is essential in upholding the bullish trend and ensuring the $100,000 objective remains attainable.

Bitcoin Could Surge To $125,000–$140,000 By Year-End

Bolstering the optimistic outlook, cryptocurrency expert Ali Martinez points out past patterns suggesting that Bitcoin often increases in December after U.S. presidential elections.

Over the past two periods, I’ve observed impressive growth in Bitcoin with a 30% and 46% increase respectively. This trend has led me to ponder if history might repeat itself. If it does, we could be looking at a potential year-end price range for Bitcoin between $125,000 and $140,000.

Martinez also noted that those who have been holding Bitcoin for a while have been cashing in on their gains as its price rose from $62,000 to $99,000. Yet, he stressed that such profit-taking is common in bull markets and doesn’t necessarily mean it’s the right time to sell short the cryptocurrency.

According to past trends, it’s common for long-term investors to profit when prices go up. This temporary price fluctuation doesn’t always mean a change in the broader market direction.

Currently, Bitcoin (BTC) is being transacted at approximately $96,500. Over the last 24 hours, it has experienced a minor decrease of 0.3%. In comparison to the previous week, it has dipped almost 2%.

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2024-12-01 12:04