The Bitcoin market has been experiencing a period of consolidation below the $99,000 price level, with investors eagerly awaiting a breakthrough to six digits. TradingView platform analysis has shown a bullish sentiment among investors, with crypto analyst Waslad advising HODLing BTC.
Waslad’s analysis highlights the presence of a broadening wedge pattern in Bitcoin’s price movements since early November. This pattern is characterized by higher highs and higher lows, with a target well above the $100,000 mark. However, the analyst points out the $99,600 price level as a significant obstacle to a $100,000 Bitcoin price. Breaking through this level would not only boost investor confidence but also pave the way for BTC to hit its next major target.
The analyst recommends accumulating BTC within the current trading range, with $99,600 serving as a key resistance level for potential breakout opportunities. If Bitcoin successfully surpasses this hurdle, Waslad predicts a sharp rally, with price targets ranging from $115,000 to $117,000. This projection aligns with the overall market sentiment, as many traders anticipate further upside in the ongoing bullish cycle.
Despite the optimistic outlook for Bitcoin, recent on-chain data has raised concerns about potential selling pressure. A notable transaction by the US government involving the transfer of 20,000 BTC to Coinbase wallets has sparked fears of a looming selloff. This move could impact BTC’s push towards $100,000 in the short term.
However, any potential selloff is expected to be absorbed by the current buying momentum surrounding Bitcoin. One of the key drivers of this demand is the influx of funds into Spot Bitcoin ETFs. Data indicates that Bitcoin ETF demand is as strong as it was during their initial approval earlier this year. Spot Bitcoin ETFs have seen four consecutive days of inflows, with $675.97 million worth of inflows on December 3.
These market dynamics suggest that Bitcoin is still on track to reach the $100,000 mark by the end of the year. At the time of writing, BTC was trading at $96,668, showing a 1% increase in the past 24 hours.
In conclusion, while there are potential risks and obstacles in Bitcoin’s path to six digits, the overall sentiment remains bullish. Investors are advised to closely monitor key resistance levels and market dynamics to capitalize on potential breakout opportunities and price rallies in the near future.
