The price of Bitcoin has been bullish in the recent past and there are many people who are of the view that the price of BTC is going to shoot up before the end of the year. In a recent YouTube video, Crypto Rover pointed out that throughout history, every bull market during the famous ‘Santa Claus rally’ has led to substantial Bitcoin price movement. This year, everyone is waiting for the same pattern from BTC, and signs are showing that the same thing can happen again.
Bitcoin Breaks Key Resistance
In recent days, Bitcoin has managed to spike above an important level of resistance. Within the short term, for instance, in the 1-hour chart, Bitcoin formed a rising wedge. The price bar broke through the resistance level, but bounced back from a very important support level, which is another sign of the upward movement. The cryptocurrency is now on its way towards the subsequent big hurdle at $123,000. Achievement of this level would be a big achievement for the cryptocurrency as it would be reaching a new frontier.
Read Also: Pantera Founder Backs Trump’s Bitcoin Reserve Proposal
When analyzing the price trends of Bitcoin recently, there is a clear sign that the price will continue rising even higher. The price of Bitcoin has been trending sideways and fluctuating between two well-defined levels of support and resistance. The Fibonacci extension reveals that BTC has just recaptured the 1.618 level and is likely to head higher from here. The subsequent significant level of resistance for cryptocurrency could be at $123,000.
The Santa Claus rally will play a big role in the BTC price. In the last few years, particularly in 2016 and 2020, Bitcoin has been soaring during this time. The popularity and media coverage of Bitcoin is set to rise as the holiday season commences, and this festive mood purchasing power may very well drive the price of BTC even higher.
The first of the strongest signals is a bullish crossover on the daily chart of cryptocurrency. This crossover has historically resulted in high price hikes such as a 55% rise last time. At these prices, this indicator indicates that the market may see a similar bump, and could push Bitcoin to $140k or even $180k in the next few months. At the time of writing, BTC is at $107,208 with a 24 hour price change of 2.41%.
Institutional Bitcoin Investment Growth
Besides technicals, there is increasing institutional participation in cryptocurrency. The Spot Bitcoin ETF has been getting more inflows of capital, with big funds still buying coin. The fact that this trend is positive is a good sign that institutional investors are gradually going big on token. This is in light of the current rise in the BTC dominance which continues to show that BTC is the market leader.
While cryptocurrency is looking quite bullish, the rest of the market is not quite enjoying the same gains. The market has seen that token has been on the rise, while alts have struggled to keep up with the growth. Nevertheless, this might not be the case for long because history has it that the other altcoins tend to mimic the action of Bitcoin in the last phase of a given bull run. Other major cryptocurrencies such as Ethereum too could see a massive surge once BTC attains stability.
Bitcoin has several bullish trends that are still valid even today. The historical patterns, the technical analysis, and the institutional participation suggest there is more room for growth. With cryptocurrency moving closer to certain levels of resistance, investors are eager to see if the digital currency will be able to push through to new heights. This year’s Santa Claus rally could propel BTC price further, so the next few weeks are critical for the crypto market.
