VOT Research Desk
The price action of bitcoin over the last 72 hours suggests that a major bullish move is on the way. We looked at why this is possible from a technical and on-chain standpoint in the last two posts.
However, in this weekly prediction, we will focus at It is exceedingly implausible that the Bitcoin price will increase by 81% in less than 30 days.
Based on a 13-year trend, the average monthly return for BTC in December is only 12.34%. From a conservative standpoint, just a 10% to 15% increase is likely. If this scenario comes out, the Bitcoin price should be around $19,500.
Surprisingly, this level corresponds to the aim predicted in the previous weekly projection. Outliers in the major crypto’s decade-long existence suggest that the highest.
In December 2013, when Bitcoin was exceedingly volatile, the return was 470%. However, 2017 saw a 54% increase, so it is not out of the question that Bitcoin price may rise to $30,000.
In fact, the technical show a bullish falling wedge pattern, with a breakout triggering a 54% increase in Bitcoin price to $32,191.
Furthermore, three critical on-chain metrics focusing on investor health, selling pressure, and smart money actions indicate that all of the conditions are in place for the BTC price to begin a bear market rally as the year comes to a close.
However, failure to break through the $15,550 support level will result in a lower low and tilt the odds in favor of the bears.
This invalidation of the optimistic perspective might lead to another Bitcoin price drop to the probable macro bottom zone, which stretches from $13,575 to $11,898.
