‘Don’t Sell Your Bitcoin Yet’: Analyst Says BTC Price Will Hit $117,000 Once This Level Is Beat

Bitcoin price continued its consolidation path below the $99,000 price level, but investors remained determined to cross six figures. Analysis conducted on the TradingView platform conveys this bullish sentiment, with cryptocurrency analyst Waslad advising investors to hold onto their Bitcoin.

BTC’s bullish setup within an expanding wedge pattern

like The analyst notedBitcoin price has been trading in an expanding wedge pattern since early November. This technical structure has been highlighted by a series of higher highs and higher lows. Waslad’s analysis focuses on BTC price action within this expanding wedge pattern, with a target well beyond the $100,000 mark.

However, the analyst highlighted the $99,600 price level as the most important hurdle preventing the Bitcoin price from reaching $100,000. A successful breakout of this level will not only increase investor confidence, but will also pave the way for Bitcoin price to achieve the next major price target of $100,000.

analyst It advises reaccumulating BTC Within its current trading range, suggesting that the $99,600 level is an ideal ceiling for those looking to take advantage of the expected breakout. If BTC breaks above the $99,600 resistance, Weslade expects a sharp rally, with the price of Bitcoin reaching the $115,000 to $117,000 range. This translates to an increase of 19% and 21% respectively over the current Bitcoin price. This prediction is in line with broader market sentiment, with many traders anticipating further upside in the ongoing bull cycle.

Risky moves for Bitcoin

Despite the bullish sentiment surrounding the Bitcoin price, Bitcoin holder dynamics have picked up recently which could increase selling pressure. In particular, on-chain data drew attention to a significant transaction conducted by the US government, That almost moved 20,000 BTC is worth about $1.92 billion at current market prices of Coinbase wallets.

Such a move has raised fears of an imminent sell-off by the US government, which could increase selling pressure in the short term. This, in turn, could hamper BTC’s push towards $100,000, at least in the short term.

However, any such sell-offs can easily be absorbed by The current buying momentum surrounding BTC. The main driver of this demand was the influx of funds into Spot Bitcoin ETFs. Data from CryptoQuant shows that demand for Bitcoin ETFs is as strong as it was when they were initially approved this year. according to Data from SoSoValueSpot Bitcoin ETFs are currently seeing four consecutive days of inflows, with $675.97 million in inflows on December 3.

These dynamics suggest that the Bitcoin price is still on track to reach the $100,000 mark before the end of the year. At the time of writing, Bitcoin was trading at $96,668, up about 1% over the past 24 hours.

Featured image created with Dall.E, chart from Tradingview.com