Will BTC rise to $100k or drop to $20k? The outcome is near!

Bitcoin has been in a consolidation phase for around a month and is ready to take the next step. Whether it will be an uptrend or not, find out in this article by BTCNEXT analysts.

22–31 December, 1–4 January main events

• MicroStrategy acquired 1,914 BTC for $ 94.2 million. The company now owns 124,391 BTC worth $3.75 billion, with an average purchase price of $30,159.
• Abu Dhabi, the capital of the United Arab Emirates, plans to become the leading cryptocurrency hub of the Middle East. The authorities are starting to actively attract crypto-oriented businesses by simplifying the trading of crypto assets.
• The Bitcoin network celebrates another birthday. 13 years ago on January 3rd 2009, a person (or group of people) under the pseudonym Satoshi Nakamoto launched the Bitcoin network, mining its genesis block with 50 BTC.

Price analysis

On the weekly timeframe, the bulls did not hold the range of $47,230-$46,830 and a decline to the range of $40,000-$43,000 is possible. For growth, it is necessary to close the week above $53,500-$51,000, in which case we will get an increase to ​$​56,000-$60,000. Then the consolidation phase will end, after which the growth phase will begin with the intermediate levels $74,660, $87,130 and $93,350. A drop to below the range of $43,000-$40,000 would lower the price to $36,000, $32,000 and even $23,000.

The Fear and Greed Index is at 29 points in the fear zone. Open interest fell below $19 billion and is equal to $18.2 billion. Funding once again plunged into the negative zone and is now at 0.01, with shorts prevailing over longs. Sales prevail in the transactions feed. In the order book, local support is in the range of $46,000-$45,000, followed by a single block at $44,000 and then a tight block at $43,000-$40,000. The local resistance is around $48,500, followed by a large gap to $52,000.

The weekly BTC dominance chart closed below the support range of 41.2–40.0%. This means that dominance will continue to decline. If it declines in a growing market, altcoins will pump strongly, especially in BTC pairs. A price drop below $40,000 is already unlikely and growth may continue at any time.

That’s all! If you want to continue receiving price analyses — stay tuned for more BTCNEXT updates!

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