Bitcoin surged roughly 15% last month. After struggling to sustain the coin above $38,500 for several weeks, the bulls have now managed to push BTC’s price above $39,000. Over the last five years, Bitcoin has recorded varying performances in December. According to data from CoinGlass, Bitcoin rallied only in 2020 and 2021. The buyers will attempt to replicate these rallies this year.
Meanwhile, several crypto analysts remain bullish on BTC going into 2024. Research findings released by banking giant Standard Chartered on Thursday indicated that if a Bitcoin ETF (Exchange-Traded Fund) is approved in early January, BTC could rise to $100,000 by December 2024.
Mike Novogratz, the Galaxy Digital CEO, is also optimistic about Bitcoin’s future. Speaking to news outlet Bloomberg on Friday, he said asset managers whose Bitcoin ETF would have been approved by the United States Securities and Exchange Commission would make efforts to convince traditional investors to inject money into BTC, which could lead to adoption. He added that any FED’s move to cut interest rates next year may cause Bitcoin to touch its all-time high by November.
With that said, let’s take a look at price charts to identify the key resistance and support levels we need to keep a closer eye on over the next few days.
Bitcoin Price Analysis
After about two weeks of consolidating, Bitcoin resumed its uptrend on Saturday, crossing above $39,000 to reach $39,627 as of this writing. The buyers are trying to push the coin to $40,035, a level at which we anticipate an intense battle between the bulls and bears. If the former defeats the latter, Bitcoin could rally to $41,100.
This bullish view won’t be valid in the event the bears manage to pull BTC below the $38,000 support. That is because the chances of a downward move will be higher than those of an uptrend. Bitcoin may plummet to hit $34,905.
Ethereum Price Analysis
ETH bulls began a massive rally after the token rebounded off the support at $2,018.98 on November 30. Ethereum is now priced at $2,137.09. If the buyers thrust and maintain the second-biggest crypto asset above $2,003.12, a bullish setup will be formed, indicating the possibility of another rally. If this happens, ETH could surge significantly to $3,400 for the first time in 18 months.
On the other hand, we might see Ethereum plummeting to the 50-day Simple Moving Average of $1,873.46 if the bears defeat the bulls at $2,018.98.
BNB Price Analysis
While most of the top ten cryptocurrencies ended November in the green, BNB was in the red, closing the month with a 0.8% loss. The negative performance was largely fueled by troubles around Binance and its former CEO, Changpeng Zhao. Despite Binance announcing a settlement with the US Justice Department, BNB has not come under buying pressure. Instead, it has been trading within a tight range of $228 and $231 over the last few days.
If the bears sustain the Binance Coin below $228, a drop to $223 is likely. On the other hand, the token might grow to the 20-day Exponential Moving Average of $234.09 if a solid break above $231 happens.
XRP Price Analysis
Similar to BNB, XRP has not witnessed intense buying activity over the past few days. The crypto asset has been trading near the 20-day EMA of $0.6282703 this week. A sustained break above this level boosts the prospects of a rally to $0.6790342. Conversely, if the bears drag XRP below $0.6000742, a sharp drop to $0.5609462 becomes possible.
Dogecoin Price Analysis
After an interview featuring one of Dogecoin’s biggest supporters, Elon Musk, started making rounds on the internet earlier this week, the meme coin resumed an uptrend, propelling to $0.0843936 at press time. In the interview, Musk called out several Wall Street companies for trying to blackmail him with advertisements.
DOGE bulls are now looking to push the token to $0.0900351. On the negative side, a drop below $0.0800643 would mean that investor interest in the meme coin has declined, and this may encourage the bears to pull DOGE to $0.0703855.
SureTradeGroup.com is not responsible for the content, accuracy, quality, advertising, products or any other content posted on the site. Some of the content on this site is paid content that is not written or posted by our writers or editors and the opinions expressed do not reflect the opinions of this website. Any disagreement you may have with brands or companies mentioned in articles will need to be taken care of directly with those specific brands and companies. The responsibility of anyone who may click links in our articles and ultimately sign up for that product or service is their own. Forex, Stocks, Cryptocurrencies, NFTs and Dogital Tokens are all a high-risk asset, investing in them can lead to losses. Readers should do their own research before taking any action.