TL;DR
The primary cryptocurrency became the talk of the town at the start of the month when its price finally conquered the $100,000 psychological level. On December 5, it rallied to a new all-time high of over $103,500, triggering huge enthusiasm across the crypto community. In the following days, BTC passed through enhanced volatility, dancing around the $100K mark.
The beginning of this week, though, offered a severe correction that suppressed the valuation below $94,500. In the past several hours, however, BTC has recovered some ground and is currently trading at approximately $98,700 (per CoinGecko’s data).
One important indicator suggests that the leading digital asset might be poised for a much more substantial resurgence in the short term. This is the BTC supply stored at exchanges, which, according to CryptoQuant’s data, has dropped to a level last observed in the summer of 2018.
The development signals a potential shift from centralized platforms toward private wallets, which can be viewed as a bullish factor since it reduces the immediate selling pressure.
Bitcoin’s Network Value to Metcalfe (NVM) ratio is also worth mentioning. The metric provides insights into the relationship between the asset’s market capitalization and its adoption or usage. Readings below 2 typically indicate that BTC might be undervalued, suggesting a potential price uptrend. Currently, the NVM is set at approximately 1.5.
Numerous analysts described the recent market pullback as a buying opportunity. Ali Martinez, for instance, predicted that BTC will jump to as high as $275,000, advising investors to “buy the dip” without overleveraging. He based his forecast on “a cup and handle” pattern formed on the asset’s price chart.
Buy the dip, and don’t overleverage! #Bitcoin $BTC will reach $275,000, based on this cup and handle pattern! pic.twitter.com/cqf99cBtmB
— Ali (@ali_charts) December 10, 2024
Captain Faibik chipped in, too, albeit making a less bullish prediction. The X user noted BTC’s rebound, claiming the price may soon test the $101,000 resistance level.
“Once the critical resistance is cleared, next target is likely to be $110K,” they assumed.
The post Bitcoin (BTC) Price Surge on the Horizon? This Vital Metric Suggests So appeared first on CryptoPotato.
