Bitcoin Price Forecast: Expert Anticipates $65K Surge Following Post-Christmas Surge, However, the Upcoming Bull Market Could Result in 20X Profits for this Bitcoin ETF Strategy

Bitcoin Price Forecast: Expert Anticipates $65K Surge Following Post-Christmas Surge, However, the Upcoming Bull Market Could Result in 20X Profits for this Bitcoin ETF Strategy

Bitcoin Price Correction and Volume Drop

The price of Bitcoin has undergone a 1% correction in the past 24 hours, currently trading at $43.21k as of 6:30 AM EST. Additionally, its daily trading volume has experienced a 34% decrease, amounting to $27.24 billion.

Bitcoin’s Consolidation Period and Santa Claus Rally

Bitcoin reached its highest point in the past year and a half, hitting $44,345 on December 5. The last time Bitcoin was at this price range was in April 2022 during the crypto winter. A prominent crypto trader known as Bluntz believes Bitcoin is preparing for a Santa Claus rally. According to his analysis, the consolidation period below $40k in late October and November allowed Bitcoin to establish a strong foundation for the upcoming rally. Bluntz predicts that Bitcoin can reach a minimum of $46k during this rally.

Bitcoin Price Forecast and Resistance Levels

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In December, Bitcoin witnessed a significant surge after a month-long struggle to break the $38k resistance. Finally, on December 1, the resistance was breached, pushing the price above $40k and $42k and reaching $44k. However, the $44k resistance has proven formidable, leading to a rejection and a drop to the $43k range. As the price decreased, trading volume also decreased, and the coin’s RSI score indicates it is entering oversold territory. The narrowing Bollinger bands suggest that there may be an obstacle preventing the price from further increases. While the bullish movement is still possible, the expectation of reaching $46k in the next few days may be overly optimistic.

It is important to note that December historically tends to be a good month for Bitcoin. Therefore, despite a temporary pause, the rally may continue. On the other hand, if the $43k support is broken, the psychological level of $40,000 may prevent a further drop to the $30k range. However, if the bearish sentiment takes hold, the worst-case scenario could see the price fall significantly toward $30,000.

Bitcoin Price: An Alternative Perspective

Bitcoin ETF (Exchange Traded Fund) has gained popularity as a promising alternative to Bitcoin. This asset attracts investors looking to diversify their portfolio beyond Bitcoin. Bitcoin ETF was created in anticipation of the approval of Bitcoin ETF applications by the US SEC. The project has raised approximately $3 million as of now. The current price of the token is $0.0064, but this is expected to change in three days due to a scheduled price increase.

Investors who participate in the project may be eligible to receive rewards. The project has established a list of milestones for supporters to unlock as each milestone is reached.

Those interested in joining the project can participate by exchanging ETH or USDT. Another option is to purchase the token using a credit/debit card.

Hot Take: Assessing Bitcoin’s Price Correction and Future Outlook

The recent price correction of Bitcoin, coupled with a decrease in trading volume, signals a potential temporary setback in the ongoing rally. While the consolidation period has created a strong base for future growth, reaching the predicted $46k level may be overly optimistic in the near term. However, with December historically being a favorable month for Bitcoin, it is possible that the rally will resume after a brief pause. Nevertheless, it is crucial to monitor support levels, such as $43k and $40k, as a break below these levels could trigger further downside potential, potentially leading to a more substantial decline towards $30,000.

Author – Contributor at | Website

Insa’s extensive background in the financial realm encompasses roles as a writer, trader, and personal finance coach. Her proficiency spans a wide spectrum, ranging from commodities and indices to forex and cryptocurrencies. Insa’s specialization lies in furnishing strategic investment advice tailored to the fintech investment niche.

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