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After an impressive eight-week rally, which propelled bitcoin (btc) from $27,200 to over $44,000, the cryptocurrency is now facing a potential massive correction.
That's according to analyst Justin Bennett. The “Daily Price Action” host expressed concern about the current state of bitcoin, emphasizing the importance of staying above $43,300.
Meanwhile, rising network fees and debates over bitcoin Ordinals and BRC-20 tokens add complexity to the crypto landscape.
bitcoin is on the verge of correction
In a recent post on
A possible lower high is forming and beginning to weigh on trendline support. Next stop is $38,000 for a sustained breakout.” It highlights that the dollar is strengthening above the 102 support, suggesting possible risk aversion scenarios if this trend continues.
As the price rises, network fees increase, triggering renewed debate over ordinal and BRC-20 tokens. bitcoin Core developer Luke Dashjr aims to solve this problem by closing a loophole that allows spam on the blockchain.
Dashjr's efforts have divided the crypto community, with some skeptical miners supporting the proposed changes. However, Dashjr stands firm and dismisses bitcoin-based NFTs as “fraud.”
bitcoin (btc) Witnesses Rising Fees
In the same line, the btc,24h,weight” target=”_blank” rel=”noopener”>bitcoin Mempool It is currently battling severe congestion, and the number of unconfirmed transactions recently exceeded 249,000. The increase in ordinal registrations contributes to this congestion, as they represent more than 50% of daily transactions on the network.
On-chain fees have been increasing, reaching an average of $27.55 per transaction on December 6.
Glassnode lead analyst “Checkmate” underlines the discontent caused by signups, which account for 50% of daily transactions but less than 10% of block data.
btc price analysis and forecasts.
As of now, the price of bitcoin stands at $41,700, reflecting a 5% drop in the last seven days, according to bitcoin” target=”_blank” rel=”noopener”>CoinGecko.
Bitget Research has provided insights into macro and micro trends, predicting a promising outlook for btc in 2024.
Chief analyst Ryan Lee sees potential appreciation in btc and ORDI, with growth opportunities in the bitcoin nft market and Lightning Network supporting broader payments adoption.
Additionally, industry figures such as Mike Novogratz, founder of Galaxy Digital, and Ryan Lee of Bitget Research offer contrasting perspectives on the future of bitcoin.
Novogratz suggests a btc value of $70,000 if bitcoin spot ETFs gain SEC approval, while Lee anticipates btc will reach $100,000 in the next bull market.
Standard Chartered, a British multinational bank, projects an upward trajectory for btc, predicting the cryptocurrency to reach the $100,000 milestone by the end of 2024.
Geoff Kendrick, head of digital asset research at Standard Chartered, highlighted this optimistic outlook in an analytical note dated bitcoin-could-hit-100000-by-end-2024-standard-chartered-says-2023-04-24/” target=”_blank” rel=”noopener”>April 2023.
Despite acknowledging lingering uncertainties, Kendrick emphasized the bank's belief that the path to $100,000 is increasingly clear.
Notably, in July 2023, Standard Chartered reiterated its optimism, doubling its forecast and suggesting a possible upward revision to $120,000 by the end of 2024.
The bank's unwavering confidence in the flagship digital currency reflects a strategic outlook that goes beyond what was dubbed the “crypto winter,” underscoring new optimism in the cryptocurrency space.
Whats Next
The crypto sector is anxiously waiting to see if US regulators will approve a physically backed bitcoin ETF.
The US Securities and Exchange Commission, by January 10, will be btc–bitcoin-etf-is-jan-10?srnd=cryptocurrencies-v2″ data-type=”link” data-id=”https://www.bloomberg.com/news/articles/2023-12-16/the-deadline-for-the-sec-to-decide-on-a-btc–bitcoin-etf-is-jan-10?srnd=cryptocurrencies-v2″ target=”_blank” rel=”noopener”>required accept or reject a request from multiple asset managers.
Cathie Wood's ARK Investment and 21Shares are expected to be the first applicants to be reviewed. The others include BlackRock, Wisdom Tree Funds, Invesco, Galaxy Digital, Valkyrie Funds and Bitwise.
Whether an ETF will be up to par with investors bitcoin-etf-flows-amid-widespread-disinterest-in-crypto-says-needham.html” data-type=”link” data-id=”https://www.cnbc.com/2023/12/16/advisors-may-drive-bitcoin-etf-flows-amid-widespread-disinterest-in-crypto-says-needham.html” target=”_blank” rel=”noopener”>hype Remains to be seen.
