Bitcoin Price Forecast: Can BTC Rebound Above $100K This Week?
Highlights:
- Bitcoin price plummets 2% to trade at $95,081 as trading volume spikes.
- Santiment data indicates that the crypto majority has flipped their moods from bullish to bearish in an alarming fashion these past 2 weeks.
- The patient traders can capitalize on this high level of ‘blood in the streets’, leading to potential gains.
The Bitcoin price has decreased 2% to trade at $95,081 at press time, showing waning bullish momentum. Despite the fall, its daily trading volume has skyrocketed 34% to $53.89 billion. This signals renewed investor interest, which may result in a rebound in the BTC market. BTC is now down 11% in a week and 5% in a month.
Meanwhile, santiment data indicates that the crypto majority has flipped their moods from bullish to bearish in an alarming fashion these past 2 weeks. The on-chain-data metrics further say that as market caps have corrected (particularly altcoins), there is far less interest in meme coins and far more interest back on Bitcoin.
😱 The crypto majority has flipped their moods from bullish to bearish in an alarming fashion these past 2 weeks. As market caps have corrected (particularly altcoins), there is far less interest in meme coins and far more interest back on Bitcoin. This crowd FUD is a healthy… pic.twitter.com/9ByahlY7MZ
— Santiment (@santimentfeed) December 23, 2024
This crowd of Fear, Uncertainty, and Doubt (FUD) is a healthy part of the cycle. According to Santiment, patient traders can capitalize on this high level of ‘blood in the streets’, leading to potential gains.
Further, the Crypto Fear and Greed Index dropped to its lowest level of 70 since Donald Trump’s presidential victory. This matches the level just before Trump’s victory as the US 47th president. Usually, the index ranges from 0, showing extreme fear, to 100, showing extreme greed. It helps traders judge the market and make their buying and selling decisions.
Bitcoin Fear and Greed Index is 70 — Greed
Current price: $95,803
Follow on Telegram: https://t.co/vfYNvLAL2k pic.twitter.com/4O1PjbMy5W— Bitcoin Fear and Greed Index (@BitcoinFear) December 23, 2024
Bitcoin Statistical Data
Based on CoinmarketCap data:
- BTC price now – $95,081
- Trading volume (24h) – $53.89 billion
- Market cap – $1.88 trillion
- Total supply – 19.8 million
- Circulating supply – 19.8 million
- BTC ranking – #1
Bitcoin Price Outlook
After recording a new all-time high of $108,364, the pioneering cryptocurrency has dwindled like a dead weight in the air, with no guards to keep the bearish sentiments in check. Currently, BTC price trades at $95,081 following waning bullish momentum in the crypto market.
This sell-off stems from last week’s Federal Reserve’s (Fed’s) monetary policy announcement. Market participants witnessed a sharp decline across cryptocurrencies, triggering substantial liquidations and affecting the total market capitalization.
Meanwhile, the bulls have established strong support at $93,466. Bitcoin holds above key bullish indicators on the daily chart, starting with the 50-day Simple Moving Average (SMA) and the 200-day SMA. If the bulls gain momentum at this level, the altcoin will rebound to the $100,037 mark. In a highly bullish case, the Bitcoin price would rally to the $106,328 mark.
Elsewhere, renowned analyst @ali_charts on X says Bitcoin will hit a market top above $168,500, based on the Mayer Multiple.
#Bitcoin $BTC will hit a market top above $168,500, based on the Mayer Multiple. pic.twitter.com/uvgG4mZHA8
— Ali (@ali_charts) December 22, 2024
However, the Relative Strength Index is below the 50-mean level, at 44.85. This suggests waning bullish momentum, tilting the odds in favour of the sellers.
On the downside, increased selling pressure will cause the Bitcoin price to drop. If the $93,466 support gives way, the Bitcoin price could fall through. Nevertheless, the bullish sentiment for the BTC price would only be invalidated below that support. Such a move would also indicate a change in market structure.
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Emmaculate Araka
Emmaculate Araka is a cryptocurrency writer with published works on Crypto2Community and other news sources. She is believer in the transformative power of crypto and the blockchain industry, conducting on-chain analysis, breaking down market-triggering events, and helping traders and investors benefit from expert technical price analysis. Emmaculate finds gratification in diving deep into the crypto space, earning herself significant knowledge and experience. She holds a Bsc. in Information Science, and outside work, Emmaculate loves reading novels and watching documentaries.
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