This week Bitcoin (BTC) price saw a shallow pullback, but the intra-day rally to the $44,000 level is an indication that the bulls are not hurrying to close their positions. Data from the popular HODL Waves metric shows that investors who purchased Bitcoin between December 2020 and December 2021 have been sitting on their coins.
Investors have not been selling into strength because they anticipate higher levels in the future. Asset manager VanEck said in its crypto predictions for 2024 that Bitcoin would make a new all-time high, buoyed by the “political events and regulatory shifts following a U.S. presidential election.”
Bitcoin’s rally of the past few days has also attracted investors to select altcoins, such as Ether (ETH), Cardano (ADA) and Solana (SOL). Research firm Santiment remains positive on the prospects of Bitcoin. It said on Dec. 7 that if FUD increases, Bitcoin could surge to $50,000.
Will Bitcoin find buyers at lower levels and resume its charge to $48,000, or will the action shift to altcoins? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin price analysis
Bitcoin turned down from $44,500 on Dec. 5, indicating profit-booking by short-term traders. Pullbacks are usually shallow in strong uptrends and do not last long because the bulls eagerly buy the dips.
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Author: Rakesh Upadhyay
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