Despite a downtick of -3.81% against the US Dollar today, Bitcoin (BTC) continues to paint an optimistic picture in the financial world. The cryptocurrency giant has seen a significant increase by 4.01% today against Ethereum (ETH). It’s noteworthy to mention that Bitcoin’s current trading value stands 8.69% below our prediction made on Dec 14, 2024.
Over the past month, Bitcoin has seen a considerable gain of 27.03% and an impressive 121.57% rise since 1 year ago. The current Bitcoin price stands at $97,125, with our prediction pointing towards a possible value of $106,365, indicating a bullish sentiment with a 9.17% increase. The Fear & Greed index also reinforces the bullish sentiment standing at 78, indicating Extreme Greed.
As per our Bitcoin price prediction, we expect BTC to reach a price of $106,365 by Dec 14, 2024, representing a 9.17% price increase in the next 5 days.
In the last 30 days, Bitcoin has shown a positive trend, gaining 27.03%. The medium-term trend is bullish, with BTC increasing by 68.76% in the last 3 months. The long-term picture too remains positive, with BTC showing a 121.57% 1-year price change. This day last year, BTC was trading at $43,835.
Bitcoin achieved its all-time high price on Dec 05, 2024, with the price of BTC peaking at $103,804. The current BTC cycle’s high is $101,956, while the cycle low is at $91,502. BTC has exhibited low volatility recently – the 1-month volatility of the coin is at 5.31. Bitcoin recorded 17 green days in the last 30 days.
In terms of technical analysis, the sentiment in the Bitcoin markets is currently Bullish, and the Fear & Greed index is reading Extreme Greed. The most important support levels to observe are $99,634, $98,054, and $97,263, while $102,005, $102,796, and $104,376 are the key resistance levels.
A majority of indicators, 27 out of 31, are signaling a bullish prediction for Bitcoin, resulting in an overall Bullish sentiment. The Fear & Greed index is currently at 78 (Extreme Greed), indicating that investors have a positive outlook on the market.
However, important technical indicators such as the Relative Strength Index (RSI 14), which helps inform investors whether an asset is currently overbought or oversold, suggest that BTC is currently overbought. The 50-day Simple Moving Average (SMA 50) and the 200-day Simple Moving Average (SMA 200) also signal that the market is currently bearish.
In conclusion, despite short-term fluctuations, the current forecast for Bitcoin remains Bullish. BTC is predicted to increase by 9.17% to hit our $106,365 target within the next five days. However, the unpredictability and volatility of the cryptocurrency markets necessitate close monitoring of market sentiments, key support and resistance levels, and other metrics. Always remember that this information does not constitute investment advice and is for general purposes only. Always seek independent professional consultation in the form of legal, financial, and fiscal advice before making any investment decision.
