- When observed on the lowest 15-minute timeframe, the top cryptocurrency seems to be replicating the same price increase and subsequent correction pattern over the past three days.
- Meanwhile, on-chain data indicates that wallets holding more than 100 BTC were activated in the last four weeks before leading the rally above $40,000.
- In the long term, the top cryptocurrency could gain significant momentum with the potential approval of a spot Bitcoin ETF and the upcoming Bitcoin Halving event.
A crypto analyst has revealed that the Bitcoin price has been repeating the same movement for the past 3 days: Will the price continue to follow this pattern?
December 6 Bitcoin Price Prediction
The Bitcoin price chart is following an interesting pattern that could instill confidence in investors for the coming days. At the current level, the BTC price has retraced to the April 2022 level when the FTX crash occurred in the crypto market.
According to an analyst, a projection of $46,500 was made based on the price movement in the last 72 hours. When observed on the lowest 15-minute timeframe, the top cryptocurrency seems to be replicating the same price increase and subsequent correction pattern over the past three days. Therefore, based on similar projections, the analyst stated that the expected target for the BTC price touching $46,500 if this pattern repeats today. He added:
“Is Bitcoin’s next target $46,500? (15 minutes) On a low timeframe, BTC seems to be copying the exact same pattern for 3 consecutive days. If this pattern repeats today, the target will be $46,500.”
Meanwhile, on-chain data indicates that wallets holding more than 100 BTC were activated in the last four weeks before leading the rally above $40,000. Additionally, a Bitcoin Maximalist said he expects a ‘God candle’ from the current level, anticipating further upward movement for BTC.
Long-Term Perspective
In the long term, the top cryptocurrency could gain significant momentum with the potential approval of a spot Bitcoin ETF and the upcoming Bitcoin Halving event. Whether the price can surpass $50,000 before the ETF approval and if it is in a good position to reach the next stage of the bull market will continue to be observed.
Analysts are anticipating potential future dates for the ETF approval announcement within the short window between January 6-8, 2023. However, it’s important to be cautious against the possibility of the U.S. Securities and Exchange Commission (SEC) delaying the approval for a few more weeks due to technical reasons.
