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bitcoin price has corrected 1% in the last 24 hours, trading at $bitcoin/”>43.21k at 6.30 am EST, while its daily volume also suffered a 34% drop to $27.24 billion.
Previously, the coin reached the height of $44,345 late on December 5, the highest point in the last one and a half years. The last time bitcoin was in the mid-40k range was in April 2022, and back then, its price was experiencing a sharp drop fueled by crypto winter.
On December 4, a famous cryptocurrency trader known on X as Bluntz told his followers that bitcoin spent about 38 days consolidating below $40,000 between late October and late November.
The trader, who accurately predicted the coin's bear market bottom in 2018, believes btc is preparing for a Santa Claus rally.
In his post, he said that the consolidation period allowed the currency to create a solid foundation to support the next rally. As for how far the coin can go, the trader believes that the $46,000 level is a minimum of what can be expected.
we just had a very nice and healthy month's vertical buildup in btc?src=hash&ref_src=twsrc%5Etfw”>#btcThese sideways corrections build momentum for the next leg higher which I believe will take us to a low of $46k+.
Enjoy the santa rally, ho ho ho pic.twitter.com/BXHbdGSFjN
– Bluntz (@Bluntz_Capital) December 4, 2023
bitcoin Price Forecast Amid Recovery Expectations
bitcoin price saw a sharp rise in December after spending almost a month trying to overcome the $38,000 resistance. The opposition finally fell on December 1, and since then the coin surpassed $40,000 and $42,000 and rose to $44,000.
Unfortunately, this latest resistance has proven to be too strong for now, and btc price was rejected to the $43k range.
Its trading volume has decreased since the price started to decline and the coin's RSI score shows that it is entering oversold territory.
It is also worth noting that the Bollinger Bands have narrowed in recent days, suggesting that the rally may have hit a roadblock that would prevent the price from rising.
While the bullish movement has not yet completely turned bearish and could therefore still continue, predictions of btc reaching $46,000 in the coming days may be too optimistic.
It is worth noting that December is usually one of the best months for bitcoin, so it is still possible that the rally continues after a brief pause.
Alternatively, if the coin breaks the $43,000 support, the $40,000 psychological level could still prevent it from returning to the $30,000 range.
But, if the bearish wave strengthens, in the worst case scenario the currency could fall towards $30,000 for a prolonged period.
bitcoin price: promising alternative to btc
bitcoin ETF (BTCETF) is one of the most popular crypto assets for investors looking to differentiate their portfolio and buy more than just bitcoin.
The token was created amid the bitcoin spot ETF hype, and seeks to appeal to those who believe the US SEC will finally give a regulatory nod to one or more bitcoin ETF applications.
Presenting #BitcoinETFthe visionary project prepared to revolutionize the crypto?src=hash&ref_src=twsrc%5Etfw”>#crypto kingdom anticipating the arrival of bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin ETF.
Stay tuned for the reveal of the distinctive mechanics and strategies that establish #BTCETF apart in the world of digital assets. pic.twitter.com/7CBWhJlErg
– BTCETF_Token (@BTCETF_Token) November 1, 2023
As it turned out, many in the crypto community share this hope, allowing the project to raise nearly $3 million at the time of writing.
The price of the token is currently $0.0064, although this will change in just three days when a price increase is scheduled.
Those who purchase the token before the ETF is approved will be eligible to receive rewards. The project has created a list of milestones for its followers as they are reached.
Discovering how #BTCETF not only prepares for bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin #ETF rush, but also offers rewards for staking, promoting network security and stability. pic.twitter.com/SRvs749xtr
– BTCETF_Token (@BTCETF_Token) November 2, 2023
Anyone who wants to join the project can purchase BTCETF in exchange for eth or USDT. Alternatively, you can also purchase it via credit/debit card.
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