Bitcoin Price Poised for Gain, Aiming at $45K, Predicts Analyst

According to Cointelegraph: As Bitcoin maintains a steadfast trading trajectory leading up to the December 24 weekly close, one analyst is predicting a potential BTC price breakout. Observations from Cointelegraph Markets Pro and TradingView reveal a static movement for BTC/USD during the weekend. BTC/USD 1-hour chart. Source: TradingView After rejecting volatility centered on the year's final US macro data, Bitcoin steadied itself ahead of the Christmas holiday period. However, at around $43,500, prominent trader and analyst Credible Crypto suggests that Bitcoin seems ideally situated for a price surge. Bitcoin market data charts. Source: Credible Crypto/X Credible Crypto, through recent posts on X (previously Twitter), advocates that the current stagnant trading pattern is indicative of accumulation. He stated: “It really does not get much better than this [...] Some final accumulation going on here before the push to 50k+ imo." The analyst also highlighted the importance of market indicators resetting, which is essential for driving a bullish continuation. Meanwhile, the bid book data for the BTC/USDT pair on Binance shows significant resistance just below $45,000, which correlates to nearly $100 million in ask liquidity, according to trading resource Material Indicators. However, Material Indicators co-founder Keith Alan speculated that holiday trading might not be robust enough to break through the resistance. With the year's end nearing, Bitcoin is on track for moderate gains in December, presently highlighting around 16% monthly gains. BTC/USD returns (screenshot). Source: CoinGlass As previously reported by Cointelegraph, the prevalent predictive model for BTC price focuses on a high point of $48,000 before a crucial calendar event for many investors — the proposed approval of the first US Bitcoin spot price ETF. However, a popular theory anticipates a significant market reversal either at or after the announcement, due by January 10, 2024.