Bitcoin (BTC) Price Prediction (Dec 04th 2024)

Story Highlights

• The BTC price records a neutral price action for the third consecutive day.
• Bitcoin ETF breaks its inflow streak and loses $17.3 million in 24 hours.
• Technical indicators record mixed price sentiment.

Despite increased price volatility, Bitcoin has displayed neutral price action this week. This indicates a high possibility of a cool-off phase for the largest crypto token in the market.

Will Bitcoin’s (BTC) price regain momentum this week and achieve its prolonged price target of $100k? Or are investors switching toward the altcoin market? Let’s find out with the daily price analysis of the Bitcoin (BTC) token.

Bitcoin (BTC) Price Analysis

The BTC price has added 0.68% to its valuation in 24 hours with a trading volume of $69.097 billion. Moreover, it has surged 4.07% over the last seven days and 39.54% during the past 30 days.

The Moving Average Convergence Divergence (MACD) shows a constant red histogram in the daily time frame. Moreover, with its averages recording a constant decline, the largest cryptocurrency hints at a neutral price action.

On the other hand, the SMA indicator continues to support the BTC price chart. This suggests a mixed price trend for the token in the market.

Will BTC Price Rise Back Up?

If the crypto bulls regain power, the BTC price will retest the $97,000 level. Moreover, if the bulls maintain their bullish sentiment, the price of this crypto token could head toward its $98k level.

On the contrary, if the bears regain momentum, BTC could retest its $95,000 level. Further, if bears outrun bulls, this could result in it retesting its lower psychological level of $92k.

To find out the long-term price prospects of the largest cryptocurrency by market capitalization? Read CoinPedia’s Bitcoin Price Prediction. Also, subscribe to us to stay updated on the latest crypto news!

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