Bitcoin’s Bullish Trajectory Intact, Bu t December Pump to $100K Looks Unlikely

The latest moves in crypto markets, in context

Edited by Omkar Godbole

December 2, 2021

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Market Moves: Bitcoin Vulnerable to Leverage Washouts, Year-End Profit Taking

Technician's Take: Bitcoin Stuck Between Key Fibs

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Market Moves

by Omkar Godbole

Bitcoin traded under pressure, having faced rejection near $59,000 for the third straight day on Wednesday. While the cryptocurrency's overall trend remains constructive, analysts are unsure if a December pump to $100,000 is still plausible, as called for in some price-prediction models.

According to Laurent Kssis, a crypto exchange-traded fund (ETF) expert and director of CEC Capital, the largest cryptocurrency remains vulnerable to price pullbacks fueled by leverage washouts and potential liquidation of long positions by institutional investors.

"With the end of year fast approaching, most investors will probably unwind their risk-on position, allowing them to present decent yearly performance," Kssis said. "We do not see a bull run in December."

Matthew Dibb, COO and co-founder of Stack Funds, said the chance of bitcoin rallying to $100,000 is getting slimmer by the day since the macroeconomic environment doesn’t appear price supportive, especially with Federal Reserve Chairman Jerome Powell’s recent hawkish turn.

Dibb added that traders are showing renewed interest in ether and other coins associated with layer 1 blockchains. The ether-bitcoin (ETH/BTC) ratio has broken out of its multi-month consolidation, signaling ether leadership ahead or rotation out of bitcoin into ether and other alternative cryptocurrencies in coming weeks.

Also read:

Bitcoin’s Bullish Trajectory Intact, but December Pump to $100K Looks Unlikely: Analysts

Technician's Take

by Omkar Godbole

Bitcoin Stuck Between Key Fibs

Bitcoin's daily chart with Fibonacci retracements of the rally from the July low to November high (Source: TradingView)

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Disclaimer: The information presented in this message is intended as a news item that provides a brief summary of various events and developments that affect, or that might in the future affect, the value of one or more of the cryptocurrencies described above. The information contained in this message, and any information liked through the items contained herein, is not intended to provide sufficient information to form the basis for an investment decision. The information presented herein is accurate only as of its date, and it was not prepared by a research analyst or other investment professional. You should seek additional information regarding the merits and risks of investing in any cryptocurrency before deciding to purchase or sell any such instruments.

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