2024

Spike

FOMO

<p><a href="https://captainaltcoin.com/record-btc-etf-outflows-pressure-bitcoin-will-97k-support-hold/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin’s price action</a> in December 2024 has been marked by milestones, drawing observations from traders and industry analysts. With the crypto breaking through key resistance levels and reaching a new ATH, market dynamics have shifted as traders and large stakeholders react to changing conditions.&nbsp;</p>
<p>Data from blockchain analytics platform Santiment and an analysis by Crypto Patel shed light on the interplay between market sentiment and technical indicators during this period.</p>
<h3 class="wp-block-heading" id="strong-market-sentiment-shifts-as-bitcoin-surpasses-100-000-strong"><strong>Market Sentiment Shifts as Bitcoin Surpasses $100,000</strong></h3>
<p>Santiment reports that discussions about Bitcoin intensified on platforms like X, Reddit, and Telegram, reflecting the crypto community’s expectations and concerns.</p>
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
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   <p lang="en" dir="ltr"><img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f9f5.png" alt="🧵" class="wp-smiley" style="height: 1em; max-height: 1em;"> Bitcoin has enjoyed quite the journey in 2024's final stretch. The following graphic indicates the crypto community's mentions across X, Reddit, Telegram, 4Chan, BitcoinTalk, and FarCaster related to:<br><br><img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f7e8.png" alt="🟨" class="wp-smiley" style="height: 1em; max-height: 1em;"> Bitcoin at $90K<br><img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f7e5.png" alt="🟥" class="wp-smiley" style="height: 1em; max-height: 1em;"> Bitcoin at $100K<br><img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f7e6.png" alt="🟦" class="wp-smiley" style="height: 1em; max-height: 1em;"> Bitcoin at $110K<br><br>Continued <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f447.png" alt="👇" class="wp-smiley" style="height: 1em; max-height: 1em;"> <a href="https://t.co/SuzcPYKseN" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/SuzcPYKseN</a></p>— Santiment (@santimentfeed) <a href="https://twitter.com/santimentfeed/status/1870395509677985890?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">December 21, 2024</a>
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<p>In late November, many traders anticipated a retracement to $90,000 after Bitcoin struggled to maintain momentum. This sentiment followed a period of heightened activity linked to what some called the “Trump Pump.”&nbsp;</p>
<p>Contrary to these predictions, <a href="https://coinmarketcap.com/currencies/bitcoin/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin price</a> climbed past $100k in early December. This surge triggered a wave of FOMO among retail traders. Besides, the surge continued, with Bitcoin reaching $108.3k by mid-December.&nbsp;</p>
<p>As speculations of a $110k target surged, many smaller traders viewed this as a profit-taking opportunity. However, historical trends noted by Santiment suggest that retail traders’ optimism often signals the possibility of <a href="https://cryptonews.com/news/will-bitcoin-stabilize-above-100k-altcoin-season-over/" target="_blank" rel="noopener noreferrer nofollow">market reversals</a>, leaving larger investors to benefit.</p>
<h3 class="wp-block-heading" id="strong-the-role-of-whales-and-sharks-in-bitcoin-s-movement-strong"><strong>The Role of Whales and Sharks in Bitcoin’s Movement</strong></h3>
<p>Santiment’s data highlights the actions of Bitcoin holders with 10 or more coins—referred to as whales and sharks—who have continued to accumulate throughout December. These larger market participants have a history of influencing price trends. They influence by strategically buying during market downturns and selling during peaks.</p>
<p>The report suggests that aligning strategies with these key stakeholders or adopting a contrarian approach to retail sentiment can lead to better outcomes for traders. While retail traders often react to short-term market conditions, whales and sharks take a longer-term view, capitalizing on the volatility in <a href="https://captainaltcoin.com/why-is-the-crypto-market-down-today-38/" target="_blank" rel="noopener noreferrer nofollow">crypto markets</a>.</p>
<p><strong><em>Read also: </em></strong><a href="https://captainaltcoin.com/can-vechain-vet-price-spike-to-1-during-this-bull-run/" target="_blank" rel="noopener noreferrer nofollow"><strong><em>Can VeChain (VET) Price Spike to $1 During This Bull Run?</em></strong></a></p>
<h3 class="wp-block-heading" id="strong-technical-analysis-points-to-potential-corrections-strong"><strong>Technical Analysis Points to Potential Corrections</strong></h3>
<p>Crypto Patel’s Elliott Wave analysis provides additional context to Bitcoin’s December performance.&nbsp;</p>
<p>Patel identified a Wave 3 top at $107k, followed by a correction near $93k, aligning with a key Fibonacci retracement level. He also noted that $97k serves as a critical support level. If this level holds, Bitcoin could resume its upward trajectory toward $103k and beyond.</p>
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   <p lang="en" dir="ltr"><img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f6a8.png" alt="🚨" class="wp-smiley" style="height: 1em; max-height: 1em;"> <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#Bitcoin</a> Elliott Wave Analysis Update<br><br>Our Elliott Wave (EW) strategy has played out beautifully once again!<br><br><img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f3af.png" alt="🎯" class="wp-smiley" style="height: 1em; max-height: 1em;"> Here's the breakdown:<br><img src="https://s.w.org/images/core/emoji/15.0.3/72x72/25aa.png" alt="▪" class="wp-smiley" style="height: 1em; max-height: 1em;"> Wave 3 Top:&nbsp;We perfectly caught the top at $107,000, followed by a sharp correction due to Wave 2's shallow retracement.<br><img src="https://s.w.org/images/core/emoji/15.0.3/72x72/25aa.png" alt="▪" class="wp-smiley" style="height: 1em; max-height: 1em;"> Profit Booking:… <a href="https://t.co/FQoXvNJGg2" target="_blank" rel="noopener noreferrer nofollow">https://t.co/FQoXvNJGg2</a> <a href="https://t.co/vRvk1Z4Mvp" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/vRvk1Z4Mvp</a></p>— Crypto Patel (@CryptoPatel) <a href="https://twitter.com/CryptoPatel/status/1870361057719640257?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">December 21, 2024</a>
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<p>However, a failure to <a href="https://www.cnbc.com/2024/12/20/bitcoin-falls-dropping-further-below-the-100000-mark.html" target="_blank" rel="noopener noreferrer nofollow">maintain support at $97k</a> might result in a dip to $85k, potentially marking the end of a Wave 4 correction. Patel’s analysis suggests this could set the stage for a new all-time high as the bull market progresses.</p>
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<p>The post <a href="https://captainaltcoin.com/whales-drive-bitcoins-december-rally-where-is-the-btc-price-headed/" rel="noopener noreferrer nofollow">Whales Drive Bitcoin’s December Rally: Where is the BTC Price Headed?</a> appeared first on <a href="https://captainaltcoin.com" rel="noopener noreferrer nofollow">CaptainAltcoin</a>.</p>

Whales Drive Bitcoin’s December Rally: Where is the BTC Price Headed?

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