Bitcoin price continues on its consolidation path below the $99,000 price level, but investors are determined to break above six figures. An analysis on the TradingView platform reflects this bullish sentiment, with crypto analyst Vaslad advising investors to hold onto their BTC.
BTC’s bullish setup within a wide wedge pattern
As The analyst saidBitcoin price has been trading in a broad wedge pattern since early November. This technical structure is highlighted by a series of higher highs and higher lows. Vaslad’s analysis focuses on BTC price movement within this broader wedge pattern, aiming for a move well above the $100,000 mark.
However, the analyst highlighted the $99,600 price level as the most significant obstacle preventing the Bitcoin price from hitting $100,000. A successful breakout of this level will not only boost investor confidence but will also set the stage for Bitcoin price to achieve its next major price target of $100,000.
analyst Recommends to restock BTC Within its current trading range, this suggests that the $99,600 level serves as an ideal range for those looking to capitalize on an anticipated breakout. Should BTC overcome the $99,600 resistance level, Weslad predicted a sharp rally, which would see the Bitcoin price reach the $115,000 to $117,000 range. This means an increase of 19% and 21% respectively from the current Bitcoin price. This estimate is in line with broader market sentiment, as many traders expect further upside in the current bull cycle.
Risky move for Bitcoin
Despite the bullish sentiment surrounding Bitcoin’s price, there has been increased holder mobility recently which could lead to increased selling pressure. In particular, on-chain data has drawn attention to a significant transaction by the US government, who almost turned around 20,000 BTC in a Coinbase wallet is worth approximately $1.92 billion at current market rates.
Such a move has raised concerns about an impending selloff in the US government, which could increase selling pressure in the short term. This, in turn, could derail BTC’s push towards $100,000, at least in the short term.
Still, any such selloff will be easily absorbed Current buying momentum around BTCA significant driver of this demand has been the inflow of funds into spot Bitcoin ETFs. Data from CryptoQuant shows that demand for Bitcoin ETFs is as strong as their initial approval this year. according to Data from SoSoValueSpot Bitcoin ETFs are currently on four consecutive days of inflows, with inflows of $675.97 million on December 3.
These dynamics suggest that the price of Bitcoin is still on track to reach the $100,000 mark before the end of the year. At the time of writing, BTC was trading at $96,668, up nearly 1% in the last 24 hours.
Featured image created with Dall.E, chart from tradingview.com
