The rise in the price of Bitcoin has brought some sunshine to the cryptocurrency sector. Each of CoinGecko’s three timeframes—daily, weekly, and biweekly—showed BTC positively.
This is fantastic news for the entire cryptocurrency market as BTC is the dominant currency in the sector.
Here’s a quick look at how Bitcoin has been performing lately:
- Optimistic market activity and surprising investor buying
- Technical indicators show different possible outcomes, some bullish and some bearish, but the bears are still there.
- There will be no significant price increase this coming week. Next year could see a break of the $17,500 barrier.
With today’s trading volume reaching $7.12 billion, it’s clear to some that Bitcoin’s popularity is growing.
Prediction: Bitcoin at $18,000
The $17,000 mark has been cited as a key level by several trusted Twitter analysts. Michael Pope recently released a study predicting that Bitcoin will hit or rise above $18,000. And yet, could Bitcoin reach these heights in December? As they say, anything can happen in crypto.
The leading cryptocurrency’s Relative Strength Index (RSI) is in the upper half of the overbought range, suggesting a pullback is possible.
So far so good #Bitcoin.
A previous resistance level (around $16.6K) would be good for support and then a continuation to $18.3K for a good run. pic.twitter.com/vsfoDWWgZB
— Michael van de Pop (@CryptoMichNL) November 30, 2022
The current price of $17,000 remains at $16.8k, which is somewhat unstable support given the volatility of BTC price.
All this in a 4-hour period. The daily time frame is currently very positive as the coin’s rise broke the previous decline.
The only thing that will allow it to reach $18,000 is a narrow bowling band, which indicates tight trading in the coming days.
Regression analysis shows an R value of 0.855, which indicates strong and healthy growth in infancy. MFI confirms this trend with its own activity.
The Chaikin Money Flow Index shows complete bullish dominance, limiting the potential impact of an RSI-supported trend correction.
If the price falls today, we will see a decline towards the $16,800 support level. The bulls can use this support to target the current barrier at $17,500.
Slow and consistent for the target
Investors and traders should remember that the market is very volatile. If there is a cautious and constant pace of buying, the price will increase significantly.
According to CryptoQuant statistics, BTC holders are capitalizing as more and more individuals realize their losses.
This could be just a hint of better things to come for Coin, so consider the analysis purely theoretical. As the market recovers from the crash, BTC may cross the $17,500 threshold.
CAKE total market cap at $327 million on the daily chart | Featured image from Analytics Insight, Chart: TradingView.com