Bitcoin Price Still Aims For $30,000 Despite Short-Term Pullback
Bitcoin price is down by 6% since its new all-time high at $23,800 on Binance. The digital asset is currently in a period of consolidation which should be considered healthy and desirable for the bulls. The digital asset holds a […]
Bitcoin price is down by 6% since its new all-time high at $23,800 on Binance. The digital asset is currently in a period of consolidation which should be considered healthy and desirable for the bulls.
The digital asset holds a 65.3% dominance over the market and a current market capitalization of $420 billion. Let’s take a look at several key indicators and on-chain metrics to determine the next most likely price move for BTC and what to expect.
Bitcoin Price Analysis: Volatility is through the roof
Of course, as Bitcoin hits new all-time highs, volatility is expected to increase. We have seen several significant price spikes to the upside and to the downside in the past 48 hours. The short-term price action of BTC is extremely volatile and practically impossible to predict.
BTC/USD 4-hour chart – TradingView
On the 4-hour chart, Bicoin price seems to be forming a potential equilibrium pattern after establishing a lower high and what seems to be a higher low.
The last high is located at $23,285 and the last low at $22,311 as Bitcoin just formed a higher low at $22,400 which could potentially be the confirmation of the pattern within the next 12 hours. The range is already quite tight below $1,000 which means the pattern is most likely going to break within the next 48 hours.
Of course, when it comes to many on-chain metrics, there seems to be no resistance to the upside as Bitcoin has never been here before.
The number of whales holding between 1,000 and 10,000 coins ($22,500,000 and $225,000,000, at current prices) has increased tremendously since May 2020 from 2,007 holders to 2,200 currently.
This indicates that large holders are not interested in short-term profits and are holding their Bitcoin position despite the massive increase in price.
On December 16, Ruffer Investment confirmed a massive Bitcoin buy of around $744 million making it one of the largest BTC investments in 2020. A Ruffer spokesperson explained:
Ruffer portfolios aim to preserve capital and deliver good all-weather returns, and they now have an allocation to bitcoin to help us meet that objective
Ruffer’s exposure to Bitcoin is currently around $750 million which represents around 2.7% of the firm’s total assets under management.
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Robert Weiss
Cryptocurrency enthusiast and trader since 2016 with a passion to learn and improve every day. Professor in Economics and Mathematics.
Bitcoin price is down by 6% since its new all-time high at $23,800 on Binance. The digital asset is currently in a period of consolidation which should be considered healthy and desirable for the bulls.
The digital asset holds a 65.3% dominance over the market and a current market capitalization of $420 billion. Let’s take a look at several key indicators and on-chain metrics to determine the next most likely price move for BTC and what to expect.
Bitcoin Price Analysis: Volatility is through the roof
Of course, as Bitcoin hits new all-time highs, volatility is expected to increase. We have seen several significant price spikes to the upside and to the downside in the past 48 hours. The short-term price action of BTC is extremely volatile and practically impossible to predict.
BTC/USD 4-hour chart – TradingView
On the 4-hour chart, Bicoin price seems to be forming a potential equilibrium pattern after establishing a lower high and what seems to be a higher low.
The last high is located at $23,285 and the last low at $22,311 as Bitcoin just formed a higher low at $22,400 which could potentially be the confirmation of the pattern within the next 12 hours. The range is already quite tight below $1,000 which means the pattern is most likely going to break within the next 48 hours.
Of course, when it comes to many on-chain metrics, there seems to be no resistance to the upside as Bitcoin has never been here before.
The number of whales holding between 1,000 and 10,000 coins ($22,500,000 and $225,000,000, at current prices) has increased tremendously since May 2020 from 2,007 holders to 2,200 currently.
This indicates that large holders are not interested in short-term profits and are holding their Bitcoin position despite the massive increase in price.
On December 16, Ruffer Investment confirmed a massive Bitcoin buy of around $744 million making it one of the largest BTC investments in 2020. A Ruffer spokesperson explained:
Ruffer portfolios aim to preserve capital and deliver good all-weather returns, and they now have an allocation to bitcoin to help us meet that objective
Ruffer’s exposure to Bitcoin is currently around $750 million which represents around 2.7% of the firm’s total assets under management.
Follow CryptoTicker on Twitter and Telegram for daily crypto news and price analysis!
Robert Weiss
Cryptocurrency enthusiast and trader since 2016 with a passion to learn and improve every day. Professor in Economics and Mathematics.
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