bullish

Rally

New BTC

Captain

TL;DR
<ul>
 <li> After a correction below $94,500, BTC rebounded to almost $99,000, with certain indicators signaling a further push to the north.</li>
 <li>Some analysts see BTC’s next targets ranging from $101,000 to $275,000, supported by bullish technical patterns and market sentiment.</li>
</ul>
<h2 id="a-href-https-cryptopotato-com-wp-content-uploads-2024-12-btc_cb-18-jpg-data-wpel-link-internal-rel-noopener-noreferrer-nofollow-a"><a href="https://cryptopotato.com/wp-content/uploads/2024/12/BTC_CB-18.jpg" data-wpel-link="internal" rel="noopener noreferrer nofollow"></a></h2>
<h2 id="span-data-preserver-spaces-true-new-span-span-data-preserver-spaces-true-btc-rally-incoming-span">New BTC Rally Incoming?</h2>
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 <a href="https://cryptopotato.com/bitcoin-blasts-through-103000-after-trumps-pro-crypto-pick-for-sec/" data-wpel-link="internal" rel="noopener noreferrer nofollow">rallied</a> 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.&nbsp;
<figure id="attachment_374263" aria-describedby="caption-attachment-374263" style="width: 100%" class="wp-caption aligncenter"><a href="https://cryptopotato.com/wp-content/uploads/2024/12/BTC-Price-1.png" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img class="wp-image-374263" src="https://cryptopotato.com/wp-content/uploads/2024/12/BTC-Price-1.png" alt="BTC Price" width="580" height="400" srcset="https://cryptopotato.com/wp-content/uploads/2024/12/BTC-Price-1.png 1037w, https://cryptopotato.com/wp-content/uploads/2024/12/BTC-Price-1-300x207.png 300w, https://cryptopotato.com/wp-content/uploads/2024/12/BTC-Price-1-1024x706.png 1024w, https://cryptopotato.com/wp-content/uploads/2024/12/BTC-Price-1-768x530.png 768w, https://cryptopotato.com/wp-content/uploads/2024/12/BTC-Price-1-50x34.png 50w" sizes="(max-width: 580px) 100vw, 580px"></a>
 <figcaption id="caption-attachment-374263" class="wp-caption-text">
 BTC Price, Source: CoinGecko
 </figcaption>
</figure>
The beginning of this week, though, offered a severe correction that <a href="https://cryptopotato.com/over-1-4-billion-in-liquidations-as-bitcoin-btc-dumps-by-6k-in-hours/" data-wpel-link="internal" rel="noopener noreferrer nofollow">suppressed</a> 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).&nbsp;
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 <a class="editor-rtfLink" href="https://cryptoquant.com/asset/btc/chart/exchange-flows/exchange-reserve?exchange=all_exchange&amp;window=DAY&amp;sma=0&amp;ema=0&amp;priceScale=log&amp;metricScale=linear&amp;chartStyle=line" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">dropped</a> to a level last observed in the summer of 2018.&nbsp;
The development signals a potential shift from centralized platforms toward private wallets, which can be viewed as a bullish factor&nbsp;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 <a class="editor-rtfLink" href="https://cryptoquant.com/asset/btc/chart/network-indicator/nvm-ratio?window=DAY&amp;sma=0&amp;ema=0&amp;priceScale=log&amp;metricScale=log&amp;chartStyle=line" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">set</a> at approximately 1.5.
<h2 id="span-data-preserver-spaces-true-how-high-can-btc-fly-span">How High Can BTC Fly?</h2>
Numerous analysts described the recent market pullback as a buying opportunity. Ali Martinez, for instance, <a class="editor-rtfLink" href="https://x.com/ali_charts/status/1866517510268330035" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">predicted</a> that BTC will jump to as high as $275,000, advising investors to “buy the dip” without overleveraging. He based his forecast on “a cup and handle” pattern formed on the asset’s price chart.&nbsp;
<blockquote class="twitter-tweet">
 Buy the dip, and don’t overleverage! <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">#Bitcoin</a> <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">$BTC</a> will reach $275,000, based on this cup and handle pattern! <a href="https://t.co/cqf99cBtmB" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/cqf99cBtmB</a>
 — Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1866517510268330035?ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">December 10, 2024</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
Captain Faibik chipped in, too, albeit making a less bullish prediction. The X user <a class="editor-rtfLink" href="https://x.com/CryptoFaibik/status/1866683674928046515" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">noted</a> BTC’s rebound, claiming the price may soon test the $101,000 resistance level.
<blockquote>
 “Once the critical resistance is cleared, next target is likely to be $110K,” they assumed.
</blockquote>
The post <a href="https://cryptopotato.com/major-bitcoin-metric-plunges-to-a-6-year-low-btc-price-surge-on-the-horizon/" rel="noopener noreferrer nofollow">Bitcoin (BTC) Price Surge on the Horizon? This Vital Metric Suggests So</a> appeared first on <a href="https://cryptopotato.com/" rel="noopener noreferrer nofollow">CryptoPotato</a>.

Bitcoin (BTC) Price Surge on the Horizon? This Vital Metric Suggests So

Table of Contents

CryptoPotato_News

Other articles published on Dec 11, 2024

Crypto Tax Postponed to 2027 in South Korea as Trading Hits Historic High

Holiday crypto rally: 5 altcoins for a Christmas with 12,000% gains

Why Bitcoin is Stuck Within $96K to $100K Range—Will the Christmas Rally Kick-Off or a Bearish Ye...

XRP and Cardano Whales Diversify Amidst Rumors of 1FUEL’s Disruptive Potential in DeFi

Bitcoin Is Back Above $100,000: What Does This Mean For Altura ($ALU)?

Bitcoin Faces Quantum Threat? Google Unveils Willow Chip Breakthrough

Join our free newsletter for daily crypto updates!