With the holiday season almost upon us, Bitcoin (BTC) might be carrying gifts instead of Santa as it looks to break its resistance zone and continue progressing toward gains.
The increased filings of spot Bitcoin exchange-traded funds (ETFs) and rising attention from prominent institutions have markedly shaped investor sentiment toward the cryptocurrency in the past few weeks.
Amid the raised interest among investors surrounding Bitcoin’s future movements in the coming weeks, Finbold sought insights from PricePredictions, a platform known for utilizing advanced machine learning algorithms. These algorithms meticulously evaluate dynamic market conditions and analyze relevant indicators to assess the likelihood of Bitcoin’s continued success by Christmas day.
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Intriguingly, the algorithms project that BTC will fall to $37,033 by the end of the month, representing a -0,04% decrease from the current asset price at the time of publication.
The calculation is derived from an extensive array of technical indicators, including moving average convergence divergence (MACD), relative strength index (RSI), Bollinger Bands (BB), and others.
Bitcoin price analysis
In the last year, Bitcoin has undergone a remarkable upswing, showcasing an impressive 123.03% rise in its price. This surge indicates that BTC has outpaced 79% of the top 100 cryptocurrency assets.
Moreover, the primary cryptocurrency is presently trading beyond the 200-day simple moving average, indicating a favorable trend that has captured the interest of experienced investors.
Persisting in a robust market position, Bitcoin is currently trading close to its cycle high, reinforcing its status as a cryptocurrency to closely monitor in the dynamic crypto landscape, marked by 17 green days in the last 30 days.
BTC is currently traded at $37,033, reflecting a 0.90% daily decrease. Cryptocurrency analyst, Michaël van de Poppe, provided his perspective in a post on X on November 24 regarding Bitcoin’s present condition. van de Poppe observed that the next breakthrough for Bitcoin is anticipated to occur upon surpassing the $38,000 threshold.
Until then, he believes that a slow accumulation phase or even dips will precede the breakthrough.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
