Bitcoin price 'absolutely primed' to gain as Bitcoin eyes $45K in web 3.0 market.
BTC price 'absolutely primed' to gain says trader as Bitcoin eyes $45K

Bitcoin (BTC) held steady within a specific trading range until the Dec. 24 weekly close, as one trader predicted a new BTC price breakout.

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Trader on BTC price: “It really does not get much better”

Data from Cointelegraph Markets Pro and TradingView showed that BTC/USD movements were strictly sideways over the weekend.

These trends had already started to appear towards the end of the Wall Street trading week, the last before the Christmas holiday period, as Bitcoin remained stable in response to the last US macro data of the year.

At around $43,500, however, the largest cryptocurrency is “absolutely primed” to head higher, according to popular trader and analyst Credible Crypto.

Credible Crypto has recently posted on X (formerly Twitter) that the current flat trading is an indication of accumulation. “It really does not get much better than this,” one of the posts summarized.

He also pointed out that market indicators resetting is necessary to fuel further upside.

Order book data for the BTC/USDT pair on the largest global exchange Binance reveals the next key resistance level to be just below $45,000, which is equivalent to around $92 million in ask liquidity, as reported by trading resource Material Indicators.

However, Keith Alan, co-founder of Material Indicators, has a different opinion. He believes that the holiday trading activity may not be enough to push the price above the resistance. The resistance could be weakened if liquidity owners reallocate.

“Those ‘roof pulls’ have helped Bitcoin make a few R/S flips since October so prepared for that, but IMO continued consolidation and/or correction would be much healthier for the web 3.0 market,” part of X commentary stated.

Bitcoin looks to finish December with modest gains

As the year draws to a close, Bitcoin is on track for a fairly average December, with CoinGlass statistics showing month-to-date gains of around 16%. However, the quarterly performance stands out — at 62%, this is already Bitcoin’s best since 2020.

The speculation around BTC price predictions is that it will reach a maximum of $48,000 prior to the U.S. Bitcoin spot price exchange-traded fund (ETF) approval, due by Jan. 10, 2024. Some believe that the announcement will be followed by a significant market reversal.

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