Will the price of Bitcoin reach a new all-time high in December? What do the BTC USD EOY charts and technical analysis tell us for Bitcoin 2024?
Bitcoin ETFs have received inflows of hundreds of millions per day over the past week, and traders now anticipate that December could mark the end of the year with another positive monthly close.
However, it’s hard not to get excited when you see such great news. Since the election, the assets under management (AUM) of Bitcoin ETFs have increased by more than 120%, or in just one month.
US
Daily inflows of Bitcoin ETFs
in millions of dollars pic.twitter.com/GvCK6rbL7Z
— HODL15Capital
But as they say, technical analysis is always our best friend when it comes to trading, rather than emotions. Emotions are a great indicator, but let’s look at the graphs!
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Deciphering the mysteries of Bitcoin price – Technical analysis when BTC price varies
After enjoying the good news on the orange coin phenomenon, let’s dive into the latest technical analysis of Bitcoin .cwp-coin-chart svg path { ictus: ; stroke width: ; }
Price
Trading volume in 24 hours
Last price movement 7 days
price.
(BTC/USDT)
In my honest opinion, this is a difficult time for a novice trader to decide whether to enter trades. I would rather wait to see how the price develops, and here’s why.
The Bitcoin price chart above shows four large selling candles – a bearish engulfing pattern. Keep in mind that this is a medium to high time frame: 12 hours. There is more weight in these candlestick closes than in lower timeframes, such as 1H and 4H. We also rejected the $100,000 level several times. Compared to my analysis last week, I corrected the Fib retracement to the high, at almost $104,000. This is because we saw the price move above the first high multiple times and retested the 0.236 level.
(BTC/USDT)
We have now zoomed in and are looking at the 1D time frame to early 2024. Starting from the left, we see how the price gradually rose in an ascending channel in December 2023 and had a sell-off in January. From March to October, the price of Bitcoin followed a descending channel and slightly exceeded the price before the US elections.
Later this year we will see another ascending channel/wedge shape. Sometimes these are upward accumulations. Sometimes they go under first, so I would be cautious. In any case, the uptrend will not be broken until we have a daily close below $68,000.
The likelihood of this happening is quite low, considering all the ETF inflows that give long-term holders a good reason to continue holding. While we may see another pullback, Bitcoin remains bullish. The move above $104,000 should begin a subsequent upward phase.
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