However, this bullish move met selling pressure near the previously identified resistance zone at Bitcoin and 86,600$. Surpassing this level will be crucial for the continuation of the current upward trend.

Key Support: Bitcoin and 83,000$

For the rally to sustain, holding above Bitcoin and 83,000$ is essential. This level acts as both a psychological and technical support.

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If the price fails to maintain this support, a correction move back toward the broken trendline is likely. In this scenario, we could see a pullback toward the Bitcoin and 81,500$ – 80,000$ range in the short term.

Scenario: Return to Inside Trend

In a scenario where the breakout turns out to be a false move, and price re-enters the trend zone, downward pressure may increase. In this case, the first major downside target would be Bitcoin and 78,000$.

This support level has previously served as a base for consolidation and local bottoms, making Bitcoin and 78,000$ a potentially strong bounce zone in the event of a deeper correction.

Given the high volatility in crypto markets, caution is advised around these price levels. Proper position sizing and risk management are essential in the current technical setup.

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Ethereum (ETH) is showing a significant order block mitigation on the daily chart. The price has tested the order block that previously triggered a strong bullish movement and has found support at this level. Currently, Ethereum is continuing its movement within this block, potentially setting the stage for an upward breakout in the near future.

Accumulation Phase Continues!

Ethereum (ETH) continues to accumulate on the 4-hour chart. To confirm this accumulation phase and signal the beginning of an upward trend, Ethereum must secure 4-hour closes above $2,911. If Ethereum manages to achieve this, we can assume that the accumulation phase has ended and the uptrend has begun.

You Might Be Interested In: Elon Musk Talks About the Name of a New Memecoin!

Targets and Key Levels

The critical levels to watch for Ethereum’s price are as follows:

• The $2,911 level must be broken to confirm a trend reversal.
• If Ethereum holds above $2,911, the first target will be $3,434.
• If $3,434 is broken, then the $4,000 level becomes the primary target.

Ethereum Price Analysis and Possible Scenarios

For Ethereum’s price movement to continue upward, traders should closely monitor technical indicators such as volume increase and resistance breakouts. If Ethereum decisively breaks above $2,911, this could signal the beginning of a bull run.

However, if the daily uptrend breaks downward, this analysis would become invalid, requiring a new strategy. Specifically, closing below $2,600 could increase the risk of a decline.

Is a Bull Market Beginning for Ethereum?

While it is always difficult to make definitive statements in the crypto market, current technical indicators suggest that Ethereum is in a strong position for an uptrend. If resistance levels are broken and investor interest continues, the altcoin bull market could accelerate, led by Ethereum.

Closely monitoring Ethereum (ETH) price movements and these key levels will be crucial in positioning for a potential altcoin bull market. With technical indicators and market dynamics in play, we will soon see how Ethereum’s performance unfolds.

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As investors wonder whether Bitcoin will fall to the 95,000 level, experts are closely monitoring market movements. Analyses suggest that Bitcoin‘s current sideways movement is likely to continue, but a strong drop could be possible in the short term. If Bitcoin stays at this level and falls below 95,000 within a 4-hour period, there is a risk of a new selling wave starting.

However, many analysts believe that Bitcoin is unlikely to remain at this level for long. It is believed that Bitcoin has found a balance at its current price levels, and further drops are unlikely. Nevertheless, investors are advised to remain cautious. It is important for them to carefully monitor Bitcoin‘s price and be ready to act quickly if a close below this level occurs.

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The recent price fluctuations in Bitcoin could present many opportunities for investors, but if caution is not exercised, it may also lead to significant losses. Especially technical analysts predict that if the price drops below 95,000, Bitcoin could fall even further. Therefore, it is crucial to have proper risk management strategies before entering the market.

What’s Happening in the Market?

Recently, the price fluctuations in Bitcoin have continued to attract great interest in the cryptocurrency market. While Bitcoin has shown small sideways movement over the past week, investors and analysts are attributing this to new developments in the market. Large investors and institutional purchases seem to be helping stabilize the price of Bitcoin, but short-term fluctuations are still causing concern among investors.

This volatility in Bitcoin‘s price is believed to be driven by market dynamics. The dollar index and global economic conditions are also important factors affecting the price of Bitcoin. Investors are closely monitoring market developments and technical analyses to gain more insight into Bitcoin‘s future.

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BTC achieved its highest daily close in history on December 11, with six-figure price action making a strong comeback.

BTC/USDT Daily Chart

BTC/USD recently closed its daily candle at around $101,200. On Bitstamp, this matched the December 8th close, marking the highest recorded closing so far.

Bulls have managed to move away from the local lows of $94,000 seen earlier in the week. “The crucial level in Bitcoin is still defined,” said trader, analyst, and entrepreneur Michaël van de Poppe in his latest analysis on X.

“If the markets stay above that area, it’s likely that we’ll see new ATH’s in the coming days.”

Will Bitcoin Set a New ATH?

BTC/USDT 4-hour chart with RSI data. Source: Michaël van de Poppe/X

Market observers commenting noted that market stability has continued alongside Bitcoin’s recent journey to $100,000 and beyond.

“Bitcoin quietly achieved its highest daily close ever,” wrote Charles Edwards, founder of the quantitative Bitcoin and digital asset fund Capriole Investments, in a December 12th X post.

“Meanwhile funding rates are below normal, leverage still wiped and ETFs are seeing day after day of relentless inflows.”

Edwards referred to the clearing of leveraged positions resulting from the sudden market volatility seen this week and last.

Short positions felt the pressure during the rebound, and according to data from CoinGlass, 24-hour crypto liquidations reached a total of $270 million at the time of writing.

Liquidations Chart

Speculation on Bitcoin Futures

Bitcoin Futures Basis Comparison. Source: Zaheer Ebtikar/X

Zaheer Ebtikar, co-founder of the crypto fund Split Capital, shared additional data supporting the lack of excessive market risk. He noted that while Bitcoin approaches all-time highs, the futures basis remains unusually low.

Zaheer Ebtikar wrote, “I can’t explain to you how absolutely insane this image is.”

He shared this with his X followers, alongside an explanatory chart. The futures basis refers to the difference between spot and futures market prices, measured as a percentage of the spot price.

In Bitcoin bull markets, when all-time highs are reached, this difference can reach 30% or more, reflecting increased speculation about future BTC price growth.

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NFT sales, which had been on a decline since March, hit their lowest point in September, marking the weakest monthly sales volume since 2021. However, the market began recovering in October and saw a 57% month-on-month increase in November, with total volumes exceeding $562 million.

Ethereum Leads With $92M Weekly Sales Volume

Ethereum recorded over $92 million in weekly sales, representing a 44.69% increase from the previous week. The surge was largely driven by collections like Pudgy Penguins and CryptoPunks, which posted significant sales volumes.

• Pudgy Penguins saw a massive 346% increase from the previous week, with $25 million in sales. DefiLlama data shows that the collection’s floor price rose from 13 ETH on Nov. 30 to 20.9 ETH (approximately $83,000) by Dec. 8.
• CryptoPunks followed, taking the second spot with $16.5 million in weekly sales. Its floor price briefly hit 44 ETH on Dec. 4 before settling at 40 ETH (around $160,000) by Dec. 8.

Other Blockchain Networks and Market Overview

• Bitcoin-based NFTs came in second, recording $43.8 million in weekly sales.
• Networks like Solana, Immutable, Mythos Chain, Polygon, Cardano, and Flow collectively accounted for $47 million in sales.

Ethereum Price Breaks $4,000

This rise in NFT activity coincided with Ethereum’s price breakout. On Dec. 6, ETH surpassed $4,000, reaching a high of $4,067. An analyst noted that Ethereum is entering a new bullish phase, predicting it could repeat the impulsive breakout seen between 2016 and 2017, potentially reaching $15,000.

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Pavel Durov, the founder of Telegram, was questioned for the first time in Paris regarding a legal case involving allegations that the messaging app facilitated criminal activities.

On December 6, Durov appeared in court in Paris at 10 am CET, accompanied by his lawyers, David-Olivier Kaminski and Christophe Ingrain. An anonymous source familiar with the matter told Agence France-Presse (AFP) that the questioning focused on allegations related to Telegram’s potential use for illicit transactions.

Responding to questions about the legal proceedings, Durov told AFP that he “trusts the French justice system” but refused to provide details about the case.

The Telegram founder’s legal troubles began on August 24 when he was temporarily detained at Le Bourget airport in Paris. Released after posting a $6 million bail, Durov has been restricted from leaving France until March 2025.

French prosecutors accused Durov of operating a platform allegedly facilitating illegal activities, referencing preliminary charges announced on August 28. Industry experts view the case against Durov as a concerning development for privacy-preserving Web3 technologies.

Summary of the Legal Case Against Durov

The Paris prosecutor’s office issued an official statement of preliminary charges against Durov on August 28, accusing the Telegram founder of operating a platform that facilitates illegal transactions.

If convicted, Durov could face up to 10 years in prison and a €500,000 ($550,000) fine. According to the prosecutor’s office, France launched a preliminary investigation into Telegram in February 2024, which escalated to a judicial inquiry on July 8, one month before Durov’s arrest in Paris.

In another development, anonymous sources told The Wall Street Journal that Durov’s phone was hacked in 2017, a year before his meeting with French President Emmanuel Macron. Industry experts had previously warned that Durov’s detention could have troubling implications for the cryptocurrency world.

Durov’s Arrest Sparks Concerns Over Web3 Privacy

According to Vyara Savova, senior policy lead at the European Crypto Initiative, the case bears alarming similarities to the arrest of Tornado Cash developer Alexey Pertsev.

Vyara Savova: “Some parallels with Pertsev’s arrest and sentence can already be made, such as that these are actions of individual member states that do not represent a procedure brought up by the EU or its executive body, the European Commission.”

Nikolay Denisenko, co-founder and chief technology officer of the financial app Brighty, stated that the arrest could signal a troubling assault on developers of privacy-preserving technologies.

Nikolay Denisenko: “This of course raises concerns about potential government overreach and the broader implications for digital privacy.”

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Analysts at Bernstein, a firm managing over $750 billion in assets, believe that Bitcoin will outpace gold as a store of value within the next decade.

In a client report led by Gautam Chhugani, analysts expressed their expectation that Bitcoin will reach $200,000 by the end of 2025. They emphasized that their confidence in Bitcoin is independent of economic fluctuations and made the following statement:

“We foresee Bitcoin positioning itself as the leading ‘store of value’ asset of the new era. This belief goes beyond short-term developments. Bitcoin will become an integral part of corporate firms’ value storage strategies. We anticipate a rapid increase in demand in this sector, led by MicroStrategy.”

D.A. Davidson Analyst: Not Like Gold!

Gil Luria from the financial services firm D.A. Davidson argued that Bitcoin’s value primarily increases based on its adoption rate and is not an inflation-hedging asset like gold. Luria stated that Bitcoin’s value is shaped more by the level of adoption than by traditional economic indicators and has a weak correlation with inflation. He also emphasized that Bitcoin still has a long way to go to become a widely used medium of exchange, which is why it cannot be classified in the same category as gold.

The Impact of Corporate Adoption on Bitcoin

The recent increase in Bitcoin’s value has been largely driven by the adoption of U.S.-based corporate firms. The approval of spot ETFs, in particular, led to a price surge, which reached new highs following Trump’s election victory.

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According to Morehead, Bitcoin has almost doubled every year, giving it an 88% compounded annual growth rate. If this trend continues, Bitcoin could reach $740,000 by 2028, with a market capitalization of $15 trillion.

Morehead also believes that the upcoming presidency of Donald Trump, who is pro-blockchain, could have a positive impact on the crypto industry. His presidency might bring regulatory clarity, which would benefit the entire blockchain sector.

Since its launch, Pantera has made significant profits by investing in Bitcoin, purchasing it when it was priced around $65. Morehead views Bitcoin as the first global currency since gold, with the potential to transform the financial system.

This growth potential makes Bitcoin a key player in the digital asset ecosystem, and Morehead’s forecast reinforces the belief in Bitcoin’s long-term success.

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On November 22, Bitcoin reached an all-time high of $99,645, followed by a 7% correction that brought it down to $92,775. Although short-lived, this dip drew attention. Now trading at $94,600, analysts suggest this could be a healthy consolidation phase for Bitcoin.

Markus Thielen, CEO of 10x Research, stated, “Bitcoin is in a consolidation phase ahead of Thanksgiving. This process is critical to balance its overbought conditions.” He also noted that the Federal Reserve’s December interest rate decision could impact the market, but it would not alter the long-term bullish outlook.

BTC Markets analyst Charlie Sherry linked this dip to Bitcoin’s historical bull market patterns. Sherry remarked, “This correction is an opportunity for the market to consolidate gains and reduce leverage.” He suggested this movement could precede a major rally.

According to Polymarket data, Bitcoin has a 72% probability of surpassing $100,000 by the end of the year. Experts agree that this milestone is achievable, though short-term obstacles may arise.

CK Zheng, co-founder of ZX Squared Capital, echoed this optimism. Zheng stated, “This psychological resistance may lead some investors to take profits, but in the bigger picture, Bitcoin is likely to cross this threshold in a few months.”

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Saylor emphasized his confidence in Bitcoin’s growth trajectory, citing reduced uncertainties and a favorable environment for cryptocurrencies:

“The biggest uncertainty was the U.S. elections. With that resolved, the market now has a clear direction. I don’t foresee any significant downturns in the short term.”

He also expressed hope for crypto-friendly regulations, anticipating supportive moves under the new SEC leadership.

Wall Street’s growing interest in cryptocurrencies also signals a major shift, according to Saylor:

“Trump’s victory and support from Wall Street are creating immense opportunities for Bitcoin. Giants like BlackRock are critical to the industry’s future. At MicroStrategy, we’ve announced a $42 billion investment plan to acquire as much Bitcoin as possible.”

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Saylor views Bitcoin not just as an investment but as a strategic asset, essential for the U.S. to lead in the digital era:

“America’s future lies in dominating the cyber realm. Bitcoin is the global reserve capital network, and we must lead in this space. This is why I fully support the strategic reserve initiative.”

Regarding Bitcoin’s price, he dismissed concerns about potential declines and remains confident about the $100,000 target:

“I don’t see a drop to $60K or $30K. The trend is upward. That’s why I’m preparing for a $100,000 party. I believe we’ll reach this level by November or December.”

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