Rally

Bitcoin

<p><a href="https://www.thecoinrepublic.com/2024/12/03/robert-kiyosaki-predicts-a-drop-to-60k-as-bitcoin-struggles-below-100k/">Bitcoin</a> is on the rise and has now moved past $100,000 for the first time hitting a high of $103,900 before slightly pulling back below that level. The achievement is psychologically important for the leading cryptocurrency however, market experts such as CryptoQuant CEO Ki Young Ju advise against early profit-taking.</p> 
<p>Ju explained that BTC is at the phase of volatility and price discovery concluding that an early exit of positions may mean missing out on other potential gains.</p> 
<h2 class="wp-block-heading" id="h-a-historic-milestone-bitcoin-tops-100k"><strong>A Historic Milestone: Bitcoin Tops $100K</strong></h2> 
<p>The movement above $100,000 is another significant point in BTC’s history that defines its main psychological points of resistance. It hit the highest point of $103,900 before dropping. Despite the slight consolidation Bitcoin still maintains a value above $100K.</p> 
<p>This shift comes after a series of consistent rises in prices due to bullish market sentiment and uptake by institutions. There were some market analysts who opined that Bitcoin could be due for a major correction after it crossed $100K due to profit-taking among traders.</p> 
<h2 class="wp-block-heading" id="h-cryptoquant-ceo-urges-caution-amid-btc-price-rally"><strong>CryptoQuant CEO Urges Caution Amid BTC Price Rally</strong></h2> 
<p>Ki Young Ju wanted to demonstrate to investors why they must remain patient during the Bitcoin rally. Recalling the time when Bitcoin got to $10,000 several years ago, Ju said that he sold too early due to the excitement, only to see its further growth.</p> 
<p>Similarly, Ju revealed that he had opened a “generational long” position at $17,000, intending to hold it for years, but prematurely exited the trade.</p> 
<p>‘Do not sell your Bitcoin,’ Ju encouraged, using the insights from his previous mistakes. However, he emphasized that Bitcoin has a clear uptrend now, combined with its status as an inflation hedge, which makes it an excellent long-term investment. Recent developments show that institutional demand is also in favor of holding rather than selling at this stage.</p> 
<p>Notably, institutional investors are exhibiting FOMO (fear of missing out) at the $100K level. BTC mining company Hut 8, for example, recently announced plans to raise $500 million to add Bitcoin to its reserves, signaling strong institutional confidence in Bitcoin’s long-term potential.</p> 
<h2 class="wp-block-heading" id="h-mt-gox-bitcoin-transfers-raise-concerns"><strong>Mt. Gox Bitcoin Transfers Raise Concerns</strong></h2> 
<p>Amid the excitement surrounding BTC’s surge, the long-defunct crypto exchange Mt. Gox has moved over 24,000 BTC, valued at nearly $2.5 billion. The transfer, recorded on Dec. 5, was sent to an unknown address with no transaction history. This marks Mt. Gox’s first Bitcoin transfer since Nov. 12, coinciding with ongoing discussions about creditor repayments.</p> 
<p>The move has raised concerns among market participants, as the large-scale transfer could signal potential sell-side pressure if creditors liquidate their Bitcoin holdings.</p> 
<p>However, such significant transfers from dormant wallets have been perceived as bearish signals for BTC price. However, some analysts argue that the market has already priced in the impact of Mt. Gox repayments, as these discussions have been ongoing for years.</p> 
<p>Despite assurances that the transfers are primarily internal, the timing immediately after BTC price crossed the $100K mark has drawn attention. Analysts warn that if Bitcoin dips below $100K, the sell-side pressure from Mt. Gox could accelerate, leading to short-term volatility.</p> 
<h2 class="wp-block-heading" id="h-btc-price-market-outlook-bullish-sentiment-persists"><strong>BTC Price Market Outlook: Bullish Sentiment Persists</strong></h2> 
<p>Despite potential headwinds, the overall sentiment in the Bitcoin market remains bullish. Analysts predict further upward movement, with some forecasting a rally to $135,000 or even $159,000 before the next major correction. This optimism is supported by Bitcoin’s strong technical indicators, including a recent Golden Cross on the daily chart.</p> 
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  <img loading="lazy" decoding="async" width="1024" height="449" src="https://www.thecoinrepublic.com/wp-content/uploads/2024/12/image-136-1024x449.png" alt="1-day Bitcoin trading chart | TradingView" class="wp-image-866691" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2024/12/image-136-1024x449.png 1024w, https://www.thecoinrepublic.com/wp-content/uploads/2024/12/image-136-300x131.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2024/12/image-136-768x336.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2024/12/image-136-1536x673.png 1536w, https://www.thecoinrepublic.com/wp-content/uploads/2024/12/image-136-150x66.png 150w, https://www.thecoinrepublic.com/wp-content/uploads/2024/12/image-136-696x305.png 696w, https://www.thecoinrepublic.com/wp-content/uploads/2024/12/image-136-1068x468.png 1068w, https://www.thecoinrepublic.com/wp-content/uploads/2024/12/image-136.png 1600w" sizes="auto, (max-width: 1024px) 100vw, 1024px">
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   1-day Bitcoin trading chart | TradingView
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<p>The Golden Cross, where the short-term moving average crosses above the long-term moving average, is a historically bullish signal. Bitcoin’s price is currently trading well above the 13-day and 49-day moving averages, confirming strong upward momentum.</p> 
<p>However, the Relative Strength Index (RSI) on the daily chart indicates that BTC price is in overbought territory, with a value of 72.68. This suggests that Bitcoin may face short-term resistance or consolidation as traders lock in profits. Key support levels to watch include $96,500, while resistance at $104,000 could act as a short-term barrier.</p> 
<p>The post <a href="https://www.thecoinrepublic.com/2024/12/06/cryptoquant-ceo-warns-against-selling-bitcoin-amid-market-rally/">CryptoQuant CEO Warns Against Selling Bitcoin Amid Market Rally</a> appeared first on <a href="https://www.thecoinrepublic.com">The Coin Republic</a>.</p>

CryptoQuant CEO Warns Against Selling Bitcoin Amid Market Rally

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