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Bitcoin (BTC) Price Prediction for December 17
The price of Bitcoin (BTC), the world’s most popular cryptocurrency, has been experiencing a volatile ride lately. As we approach December 17, I’ll provide you with my latest insights and predictions.
As of press time, Bitcoin is trading at $104,807. In this article, I will share my thoughts on potential future price movements based on recent market trends and technical analysis.
For the short-term perspective (1-2 hours), we can expect a bounce back to the upper limit of the current sideways range ($105,000-$106,000). However, if it happens near the mentioned mark, there is a chance to see a further correction to the $102,000 area. This development could be driven by traders and investors rebalancing their portfolios.
From a midterm perspective (daily/weekly), it’s essential to keep an eye on the weekly candle’s closure in terms of the $105,149 level. If a false breakout happens, there is a possibility to see a drop to the $100,000 zone. It’s crucial to focus on this event since the current market situation may be more volatile.
On a larger scale (monthly/yearly), Bitcoin has shown no signs of weakness and is likely to continue its upward trajectory. The overall movement will depend upon the global economic and financial conditions.
For those new to crypto, I recommend keeping an eye on the top cryptocurrencies, such as Ethereum (ETH) or XRP.
Source: u.today
