Bitcoin (BTC) Price Prediction (Dec 09th 2024)

Story Highlights

• The Bitcoin price retests the $101,000 mark during the early Asian trading hours.
• Technical indicators record a mixed-price sentiment, highlighting uncertainty.
• However, chances of a positive reversal are high due to increased bullish action.

The cryptocurrency market started the 2nd week of December on a bearish note. This has resulted in the Bitcoin token recording a similar price action by plunging below the $100k mark.

Are you among many wondering if will Bitcoin price achieve a new ATH again this year? Or How high will the BTC price go? Read CoinPedia’s Bitcoin (BTC) price analysis to explore the possibilities!

Bitcoin (BTC) Price Action

The BTC price has lost ~1% in 24 hours, with a trading volume of $53.59 billion. Moreover, over the past week, it has experienced a variation of less than 3%. This highlights a cool-off phase for this cryptocurrency token in the market.

The Relative Strength Index (RSI) hovers around its overbought range in the daily time frame. However, its average trendline records a bearish convergence, suggesting a mixed price action in the crypto market.

The Moving Average Convergence Divergence (MACD) shows a constant red histogram, with its averages showing a steady downtrend in the Bitcoin price chart. This indicates a significant reduction in the buying pressure for the largest crypto token.

Will BTC Price Hit A New ATH This Week?

Suppose a bullish reversal occurs, in this case, the Bitcoin price will reclaim the $100k mark and head toward its $102,000 level. Maintaining the price at that level could set the stage for it to retest its all-time high.

On the contrary, if the bears outrun the bulls, the BTC price will retest its support level of $98,000 during the upcoming hours.

Wondering what’s next for the largest cryptocurrency by market cap during this crypto bull run? Read Bitcoin price prediction to uncover the possible mysteries until 2030.

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