Bitcoin price forecast: Binance deposits average $63K as bulls defend $100K
Bitcoin's price holds firm above $100,000, analysts bullish on future trajectory
Bitcoin has held steady above the $100,000 price level, sparking optimism about its future trajectory. The cryptocurrency briefly reached an all-time high (ATH) of $103,700 on December 5 but has since faced resistance, trading near $102,000 on December 14.
Analysts point to key metrics, including market inflows and price indicators, to assess Bitcoin's potential for a continued rally.
BTC price dynamics (November-December 2024). Source: TradingView
Bitcoin's price of $102,000 on December 14 reflects a 5% gain month-to-date (ytd). The cryptocurrency has remained within a bullish channel, supported by short-term volatility keeping it above the critical 150 EMA on the 4-hour chart. Despite multiple attempts, Bitcoin has not surpassed its December 5 peak of $103,700. Resistance at this level remains a gateway for additional upside potential, while near-term support holds firmly at $100,000.
Bullish indicators point to Bitcoin price outlook beyond $100K
A CryptoQuant analysis by Crazzyblock sheds light on Bitcoin inflow trends at Binance. The average realized price for deposits into Binance stands at $63,000, with the Inflow CDD (Coin Days Destroyed) metric remaining low. This reveals that the majority of Bitcoin deposits come from short-term holders or new entrants, while long-term investors continue to “hodl” their assets.
The reduced selling pressure from seasoned investors points to growing market confidence, even as Bitcoin hovers below its ATH. Despite recent corrections, Bitcoin is now 2% below its ATH and bullish indicators remain intact. The 30-day Bull-Bear Market Cycle Indicator moving average continues to stay above the 365-day equivalent, signalling a positive long-term trend. Meanwhile, VanEck, a prominent investment firm, has projected a potential $180,000 target for Bitcoin if the U.S. introduces a Bitcoin reserve.
In conclusion, Bitcoin’s ability to stay above 100k, combined with supportive on-chain data, suggests the market poised for further gains.
Bitcoin remains resilient near $100,000, supported by strong capital inflows and on-chain metrics. Bearish engulfing pattern forms on the 4-hour chart after failing to sustain a move above $102,000.
