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The price of Bitcoin has fallen 2% over the past 24 hours, trading at $41,178 as of 11:30 PM ET, but trading volume has increased 35%.
Investors are coming out of the weekend ready for action. Bearish trends are prevalent when MACD (Moving Average Convergence Divergence) sends a sell signal. Bearish expectations continue to rise and traders are expecting a revisit to the $36,000-$37,000 range.
I think we’ll get to 44k one more time before the nuke explodes.
I still expect 36/37k to be correct.
Invalidate exceeding 46k#btc
Oh and I forgot to say something.
Q1 2024 = $55,000 #btc 📸— WIZZ (Beware of scammers) (@CryptoWizardd) December 17, 2023
One trader observed the Bitcoin price completely resetting the daily Relative Strength Index (RSI). Momentum indicators fell to their lowest level in two months. The last time BTC RSI was this low was when Bitcoin price was $27,300.
#BTC Now the daily RSI, which was discussed as a potential scenario, has been completely reset.
The daily RSI is currently at its lowest level in two months, with BTC price at $27.3,000 but currently at $41,000: https://t.co/2Qyu6YyJfi pic.twitter.com/X8YQVI20yM
— Matthew Hyland (@MatthewHyland_) December 18, 2023
This outlook promotes a bearish divergence as RSI makes lower lows and Bitcoin price makes higher highs.
Several sell signals include one analyst calling the stock down 50% from current levels. This means that Bitcoin price will revisit the $20,500 level.
that much #BTC Prices could easily fall 50% from here.
It seems unlikely, but no one knows for sure.
Still, it doesn’t change my mind.#Bitcoin In 10 years, it will be worth much more than it is now.
— Rajat Soni, CFA (@rajatsonifnance) December 18, 2023
However, for now, the bulls are still in control as both MACD and the Awesome Oscillator (AO) remain in positive territory. It is also a good sign that the RSI is above the center line of 50, indicating strong price strength.
⚡#BTC First red pack in early October.
Despite the market closing for 8 consecutive weeks, the entire CT turns into a falling red candle.
The cows are still in full control. pic.twitter.com/qyTvEnuhVd— Trading Education (@tradingedu_co) December 18, 2023
Jan Van Eck predicts that the Bitcoin price will hit an all-time high in 2024.
The optimistic outlook has VanEck CEO Jan van Eck predicting a new all-time high for BTC. His prediction follows minutes from the recent Federal Open Market Committee (FOMC) meeting that point to a rate cut in 2024.
Chairman Powell: “Today we decided to leave policy rates unchanged and continue to reduce our securities holdings. Given the uncertainties and risks we face and how far we have come, the Committee is proceeding cautiously.” #FOMC pic.twitter.com/ZiOCKcrT9b
– CSPAN (@cspan) December 13, 2023
“The macro fundamentals of Bitcoin and gold are very strong,” he told CNBC TV in an interview, adding that the two assets will “perform similarly” and peak in 2021 and rebound in 2023.
VanEck management is expecting further gains, acknowledging that Bitcoin price is up 170% year to date. He predicts a new all-time high in 2024 due to events such as the BTC halving. This event is scheduled for April 2024 and will see miner rewards cut by 50%.
Bitcoin price prediction
As is the case on the weekly period, the Bitcoin price also faces a supply barrier on the 3-day period ranging from $44,074 to $47,488. With bulls still leading the market, BTC market value could overcome this order block and turn into a bullish breaker above the psychological level of $48,000.
To confirm an upward trend, Bitcoin price must record a three-day candlestick close above the average threshold (middle line) of the order block at $45,843.
A break above the $48,000 psychological level would set the stage for Bitcoin price to test $60,000, targeting the $50,000 psychological level. In the event of extreme optimism, BTC price could move its neck higher to test the highs of the $69,000 range. Such a move would represent a 67% rise above current levels, potentially setting the tone for an extended move northward.
RSI remains above 50, AO and MACD remain in positive territory. This shows that bulls continue to lead the market and highlights the bullish thesis.
converse case
On the other hand, a rejection of the 3-day supply barrier could send Bitcoin price south, reversing the $37,800 support into resistance. The extended restraint could push the king of cryptos to fall past its 50-day simple moving average (SMA) of $31,684 to test the psychological level of $30,000. A close below this level invalidates the bullish argument.
In case of a serious failure of the aforementioned levels to hold support, Bitcoin price will test the 100-day and 200-day SMA levels of $29,648 and $25,625, respectively.
Meanwhile, as the BTC community anticipates the halving event and euphoria around the expected Bitcoin exchange-traded fund (ETF) point, a new Bitcoin derivative, BTCETF, is on the market, with analysts predicting 10x growth potential. I’m expecting it.
A promising alternative to Bitcoin
BTCETF is the native asset of the Bitcoin ETF token ecosystem, a project that rewards token holders when a spot BTC ETF product is approved. Investors looking to beat this milestone can purchase Bitcoin ETF tokens at the lowest possible price and become holders before the first Bitcoin ETF is approved.
#Bitcoin ETF indicates #Cryptocurrency Tightly Linked Tokens $BTC and imminent #secretary expected approval #ETFs.
Join our news channel for latest updates. 🗞️
Follow us, set notifications and stay informed about monuments. #Bitcoin generation! 🚀 pic.twitter.com/HqNWM7AH5l
— BTCETF_Token (@BTCETF_Token) December 16, 2023
This project represents expectations for the launch of a Bitcoin ETF in the US market. This indicates that SEC approval is imminent for a crypto token and prospective ETF closely tied to BTC.
What is its role? $BTCETF #token? 🤔
This ERC-20 token represents the following expectations: #Bitcoin ETFs entering the U.S. financial environment. 🚀 pic.twitter.com/RAhD5uuqi9
— BTCETF_Token (@BTCETF_Token) December 16, 2023
The Bitcoin ETF token project is in the pre-sale phase and current sales have reached $4.669 million out of the $5.059 million target. The token is selling for just $0.0068 at this stage, giving interested investors the opportunity to purchase BTCETF at a low price before the exponential growth occurs upon listing.
#secretary Establishes a new “cash repayment model”. #Bitcoin dot #ETFs Applicants influencing acceptance criteria.@InvescoEMEA At first, adopt it. @black stone Introduces “prepayment” to make Wall Street participation easier.
How can these models reshape ETF accessibility?#Bitcoin ETF have… pic.twitter.com/NN4nnfEJ2M
— BTCETF_Token (@BTCETF_Token) December 14, 2023
To purchase BTCETF in the pre-sale here, visit the Bitcoin ETF Token website.
Also read:
A new cryptocurrency mining platform – Bitcoin Minetrix
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- Decentralized, secure cloud mining
- Get free Bitcoin every day
- Native token currently in pre-sale – BTCMTX
- Staking Rewards – APY 100% or more
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