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17.12.2021 09:30 PM
Bitcoin: $55,000 replaces $100,000 year-end forecast

Bitcoin has been trading in a local downtrend all week, more like consolidation. As a result, we see a return to testing the strength of the support zone 46,934.61 - 47,848.69 with the prospect of its breakdown. But we have already discussed this scenario. The key boundary for BTCUSD now remains the zone of $40,000 - $42,000 per coin.

Over the past five days, there have been no strong drivers on the market that could set a clear direction for the main cryptocurrency. The situation is very uncertain and, to some extent, morally exhausting for those who expect clarity from the market.

On the other hand, crypto traders are no strangers to it. Bitcoin often gets stuck in consolidation ranges. Their formation indicates either the wait-and-see attitude of large players, or that someone is gaining positions.

Waiting for the Christmas rally

Meanwhile, the crypto community is dominated by discussion of two main topics: unfulfilled forecasts for Bitcoin's growth to $100,000 by the end of the year and signs of a bullish reversal.

Many opinion leaders now believe that the reversal is about to come. For example, Alex Kruger, an economist and crypto trader, predicts that Bitcoin and Ether may still grow by the end of the year. This will take place during the traditional Christmas rally. However, instead of 100,000, we are expecting a $55,000 Bitcoin rally.

From a technical point of view, the more likely target, in this case, would be 53,000 per bitcoin, since there is a strong mirror level. To consolidate above it, a strong impulse is needed, and if this happens, the path to $58,000 will already be open for BTCUSD.

But there are obstacles in the way to Bitcoin's growth. Now the market, according to Kruger, needs to remember the tightening of the Fed's monetary policy. For cryptocurrencies, the rise in borrowing costs can be a headwind, and further upward movement can be difficult. Although in the long term, the Fed may even help the market.

Traders accumulate Bitcoin, as evidenced by the concentration of Tether

Meanwhile, on-chain data aggregator Santiment tweeted that the purchasing power of traders on exchanges surged to a six-month high. They attribute this to the growing concentration of USDT, suggesting that Bitcoin accumulation may be occurring in this way.

According to the Santiment analytical team, the concentration of Tether stablecoins on centralized cryptocurrency trading platforms has reached a six-month high. That's 22.5%, or $ 8.99 billion, when converted to fiat money.

At the same time, it became known, according to the analytical firm Glassnode, that the number of Bitcoins sent by miners to exchanges has dropped sharply. The Miners to Exchange Flow Index (seven-day MA) hit a five-year low at 2.655 BTC.

Additional data from Santiment recently showed that bitcoin whales accumulate the main cryptocurrency in their accounts. The company's analysts believe that this is a good sign, which may indicate an upcoming rise in the price of BTC.

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Ekaterina Kiseleva,
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