Bitcoin (BTC)
Yesterday, Bitcoin (BTC) reversed its earlier gains and surpassed $94,000 again within hours. With only a few hours left in 2024, traders remain optimistic about the new year. As we enter January 2, there is anticipation for increased market volume and a potential recovery following the holiday season. What are the predictions from experts?
Bitcoin (BTC) Year-End Analysis
BTC has been hovering around $94,000, while recent concerns about USD Tether (USDT) have significantly impacted the markets. It appears that new investors, in particular, have embraced these concerns. However, Tether’s reserves are exceptionally strong, and the decision to delist USDT for the EU is unlikely to be a major concern for cryptocurrency traders. It is hoped that BTC’s rise will align with the resolution of these concerns and maintain its momentum.
Michael Poppe shared the following chart regarding the current situation:
“The thesis on Bitcoin remains the same. I expect a correction due to irrelevant USDT concerns. We may experience a deeper dive, but considering the liquidity taken, the upward shift may have already begun.”
Comprehensive Cryptocurrency Analysis
Efloud, a popular Turkish cryptocurrency analyst, has provided updates on both short-term and long-term outlooks. In his comprehensive year-end assessment, he offers essential insights for traders.
“Higher Time Frame (HTF): The breakdown of the parabolic rise indicates signs of exhaustion, making profit realizations likely. The market continues to reflect this condition. Only by projecting new highs can profits be realized at peak levels.
The loss of the area labeled Daily Demand could lead to a realization of gains (deviation/manipulation), or I believe the market will strengthen again on the BTC side with bullish market structures in the 4H Demand zone.
Lower Time Frame (LTF): A short-term bounce occurs by clearing the equal lows at $92,000 outside HTF supports. However, this alone does not convince me to make a purchase at this point (excluding day trades). But the reaction from clearing that liquidity area indicates that the price adheres to liquidity zones.
Thus, the idea of forming a short position for a brief hedge arises if the price gains and then loses the $99,500 level.”
