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Why BTC Price May Touch $100,000 in December

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Bitcoin (BTC) has faced a slight setback in its recent upward trajectory, struggling to rally to the highly anticipated $100,000 price mark. The cryptocurrency has been consolidating below this mark for the past few days, leaving investors speculating about its near-term price movement.

However, a number of prominent crypto analysts remain optimistic about Bitcoin’s prospects in December. This analysis explores some of their forecasts. 

Bitcoin May Climb Above $100,000, Analysts Say

According to Juan Pellicer, a Senior Researcher at IntoTheBlock, December will be bullish for Bitcoin. This bullish bias will be propelled by “unprecedented institutional demand through Bitcoin ETF inflows,” which will drive the coin’s price above $100,000.

“We are observing a highly bullish scenario for Bitcoin as we approach December, primarily driven by unprecedented institutional demand through Bitcoin ETF inflows. This surge in institutional participation, coupled with a noticeable easing of macroeconomic pressures, positions BTC favorably for a $100K breakout. The current market structure suggests strong accumulation phases,” the analyst told BeInCrypto.

Interestingly, BTC ETFs have recorded net outflows this week for the first time in two months. According to SoSoValue, outflows from these funds have totaled $458 million. This decline comes on the heels of a significant drop in BTC’s price, which saw it trading as low as $92,000 earlier this week. This price pullback may have prompted institutional investors to pull funds from these ETFs in response to the market shift.

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Total Bitcoin Spot ETF Net Inflow. Source: SoSoValue

Nevertheless, another analyst, Brian Quinlivan, Lead Analyst at Santiment, has predicted a bullish December for Bitcoin. According to Quinlivan, Bitcoin whales will drive this growth if they continue to accumulate the king coin.

“Bitcoin’s key stakeholders (10+ BTC wallets) have accumulated 63,922 more BTC in November alone, worth $6.06B. Even with the top hitting on Friday, they haven’t slowed down their accumulation pace whatsoever. This should be considered a positive sign that this mild dip is simply a mini retracement designed to shake out weaker hands and traders who bought at $98K/$99K,” Quinlivan said.

Bitcoin Supply Distribution. Source: Santiment

BTC Price Prediction: This Support Floor Is Key

However, while also acquiescing that Bitcoin’s price may rally above $100,000 in December, Julio Moreno, Head of Research at CryptoQuant, noted that the coin may face a short-term resistance at $105,000. 

According to Moreno, an assessment of BTC’s on-chain realized price bands revealed that the price band near $105,000 (max band) was a significant resistance level back in March when Bitcoin briefly reached $74,000. This historical resistance may now influence the coin’s future price action.

This means that once BTC’s price nears this max band around $105,000, it may witness a pullback.

Bitcoin On-Chain Realized Price Bands. Source: CryptoQuant

Bitcoin currently trades at $96,795. For the $100,000 predictions to materialize, the coin has to reclaim its all-time high of $99,588, which has become a resistance level, and flip it into a support floor. If this happens, the coin may rally above $100,000 in December.

Bitcoin Price Analysis. Source: TradingView

On the other hand, if selling pressure spikes, BTC’s price may decline toward $88,986, invalidating the analysts’ bullish projections.

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



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