Bitcoin Consolidates Below $100,000, But Bulls Remain in Control
As Bitcoin continues to consolidate just below the psychologically crucial level of $100,000, analysts are divided on whether it will rise above this mark or fall back down. The bulls seem to be anticipating an uptrend continuation, as evidenced by the chart posted by Global Macro Investor founder and CEO Raoul Pal on X. According to his analysis, Bitcoin could form a local top above $110,000 by January.
Several analysts have been bullish about Bitcoin’s prospects for next year. Fundstrat Global Advisors co-founder and head of research Tom Lee predicts that Bitcoin may skyrocket to $250,000 in 2025. While this is a highly optimistic view, it highlights the potential for significant growth in the coming years.
Bitcoin Price Action
- Resistance Level: $100,000
- Support Level: $90,000
- Key Indicators: Moving Averages (50-day and 200-day), Relative Strength Index (RSI)
Mantle Protocol
The bulls are trying to start an up move by pushing Mantle above the overhead resistance of $0.94.
- Resistance Level: $1.10
- Support Level: $0.81
- Key Indicators: Moving Averages (50-day and 200-day), RSI
Aave
Aave broke and closed above the $200 resistance on November 27, signaling the resumption of the uptrend.
- Resistance Level: $260
- Support Level: $194
- Key Indicators: Moving Averages (50-day and 200-day), RSI
Mantle Protocol Price Analysis
The bulls are trying to start an up move by pushing Mantle above the overhead resistance of $0.94.
- If they succeed, the MNT/USDT pair could rise to $1.10, where the bears are again expected to mount a strong defense.
- If the price fails to maintain above $0.94, it will signal that bears are active at higher levels. The pair may then drop to the 20-day EMA ($0.81), an essential level for the bulls to defend.
- If the price rebounds off the 20-day EMA with force, the possibility of a rally above $0.94 increases.
Aave Price Analysis
Aave broke and closed above the $200 resistance on November 27, signaling the resumption of the uptrend.
- The bears pulled the price back below $200 on November 29 but could not maintain the lower levels.
- The AAVE/USDT pair turned up from $200 on November 30, indicating that the bulls are trying to flip the level into support. Buyers will have to maintain the price above $215 to clear the path for a rally to $260.
- This positive view will be invalidated in the near term if the price turns down and breaks below $194. The pair may then slump to the 20-day EMA ($183).
Conclusion
While Bitcoin continues to consolidate just below the psychologically crucial level of $100,000, analysts are divided on whether it will rise above this mark or fall back down. However, the bulls seem to be anticipating an uptrend continuation, as evidenced by the chart posted by Global Macro Investor founder and CEO Raoul Pal on X.
The Mantle Protocol is also showing signs of a potential up move, with the bulls trying to push the price above the overhead resistance of $0.94. On the other hand, Aave has broken and closed above the $200 resistance, signaling the resumption of the uptrend.
Ultimately, every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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