Bitcoin (BTC) Price Prediction: Despite Setbacks, Historical Data Indicates Accumulation Opportunities, Targeting $100K Soon

Despite numerous forecasts that Bitcoin's (BTC) price could surge to $120,000 before year-end, the coin has encountered a setback, now trading below

After a 12% price decrease over the past seven days, Bitcoin (BTC) is now trading below $97,000 as the holiday season heats up. This selling pressure is evident in the steep decline of the Coinbase Premium Index, indicating a verstärkte selling activity in the US market.

According to on-chain analysis, this selling pressure could attract new buyers seeking to purchase Bitcoin at a discounted price. If this pattern holds true, BTC might experience another round of accumulation, potentially pushing the price higher.

CryptoQuant الألماني crypto analyst MAC_D also aligns with this sentiment, highlighting that the cryptocurrency is bound to experience a bounce.

“This phenomenon has historically been短暂 in bull markets, often attracting new buyers who saw it as an opportunity. While it's unclear if the price following this sharp decline will mark the bottom, if the bull market continues, a bottom may form soon, leading to a rebound.” MAC_D noted on CryptoQuant.

Furthermore, the rate of profit-taking among Bitcoin holders also lends support to this scenario. On December 16, the on-chain transaction volume in profit crossed 250,000 BTC.

As of writing, the value has dropped to 58,1000, indicating that the decrease in Bitcoin's price has compelled investors to HODL their assets rather than liquidate. If this value continues to decrease, a BTC rebound is likely on the horizon.

BTC Price Prediction: Back Above $100,000 Soon

On the 4-hour chart, Bitcoin has found support at $92,888. As a result, the price has encountered another stronger support at $95,871. However, the Awesome Oscillator (AO) is still negative, indicating bearish momentum.

But with green histogram bars emerging on the chart, BTC could avoid another significant decline and trade higher. If that happens, Bitcoin's price could reach $104,299 in the short term. In a highly bullish market condition, the value could rise to $108,386.

On the other hand, a decline below the support level mentioned above would invalidate this prediction. If that were to happen, Bitcoin's price might decline to $92,144.