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bitcoin price is up 2% in the last 24 hours to trade at $43,650 at 1:40 am EST, and trading volume is up 35%.
According to analysts, the cryptocurrency king showing strength could bode well for altcoins including Solana (SOL).
Yes, as long as btc can build support above 44.2k
Everything will continue to fly– DELGADO (@ShadyTheWizard) December 20, 2023
bitcoin price continues to defy expectations and steadily moves north despite some bearish predictions from traders.
Every day I see bassist btc?src=hash&ref_src=twsrc%5Etfw”>#btc predictions
every day he bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin the price continues to rise.
Denial is real
—Kevin Svenson (@KevinSvenson_) December 21, 2023
Amid mixed feelings, pseudonymous crypto strategist TechDev says bitcoin price is showing one of the rarest and most accurate bullish signals.
a rare bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin purchase signal that has never been missing. pic.twitter.com/umcSxh4jK3
— TechDev (@TechDev_52) December 16, 2023
According to TechDev analysis, the Vortex Indicator (VI) once again signals the start of a bitcoin bull market. For the layman, this technical indicator helps identify trend changes and confirm prevailing trends. On the analyst's monthly chart for the btc/USD trading pair, the VI indicator has a history of accurately identifying the start of a bull market in three past cycles and may be doing the same for the fourth time.
In his opinion, a new all-time high may also be in the works for the price of bitcoin due to the recent strong performance of the Dow Jones Industrial Average (DJI).
New all-time high in the Dow Jones today.
I wonder what's next. bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin pic.twitter.com/g2UuqIYTrA
— TechDev (@TechDev_52) December 13, 2023
bitcoin Price Outlook With Analysts Predicting Strong Bull Runs
bitcoin price is facing the $44,200 level, which analysts say is critical to driving altcoins north. From a technical standpoint, the odds favor the upside, with the 50-day, 100-day, and 200-day simple moving averages (SMAs) at $39,032, $33,884, and $31,092 tilting north to show that this was the path with the least endurance.
The Relative Strength Index (RSI) is also heading north, after crossing above the signal line band (yellow). This crossover is considered bullish and is interpreted as a buy signal. If traders pay attention, bitcoin price could extend its uptrend.
Also accentuating the bullish outlook is the position of the Awesome Oscillator (AO) and the MACD Moving Average Convergence Divergence in positive territory to show that the bulls are in the lead.
Further buying pressure above current levels could send bitcoin price higher, turning the $44,200 ceiling into a support floor and potentially using it as a starting point for further gains.
Further north, bitcoin price could extend gains to reach the range high of $44,700 or, in a very bullish case, extend a high to the psychological level of $48,000. Such a measure would constitute a 10% increase above current levels.
Reverse case
On the other hand, if the $44,200 level holds as resistance, bitcoin price could fall below the psychological level of $40,000. If this level breaks, the cryptocurrency king could find support around the 50-day SMA at $39,028.
In the most severe case, the drop could cause bitcoin price to fall below the $37,800 support level, sending btc on a cliff towards the psychological $30,000 level. A daily candle close below this level would invalidate the bullish thesis.
Meanwhile, all eyes are on 2024, a year that has critical events scheduled for the btc market. For starters, there is an expectation that the US Securities and Exchange Commission will approve spot btc exchange-traded funds (ETFs) next month, which would precede the launch of the products soon after.
BREAKING NEWS: Bloomberg analysts Eric Balchunas and James Seyffart move up the ranks bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin Odds of ETF approval are 90% by January 10 pic.twitter.com/98RvrY5EoJ
— Oscar Ramos (@realOscarRamos1) October 13, 2023
That same year, the market looks towards the btc halving, another event that is expected to help fuel the next bull cycle.
Update, Halving, and a BlackRock Spot ETF.
2024 is the year of bitcoin! https://t.co/arA18mBemr
– Altcoin Daily (@AltcoinDailyio) December 21, 2023
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