Bitcoin analyst calls early bull market as BTC price targets $50,000 in December


  • Bitcoin analyst anticipates  a golden cross on the weekly BTC price chart, calling an early bull market in 2024. 
  • Analysts set a $50,000 target for Bitcoin price in the third week of December.
  • ETF analyst James Seyffart argues that the SEC is unlikely to reject Spot Bitcoin ETFs, however a delay is a likely scenario.

El Salvador launched a Freedom Visa and citizenship program where users deposit $1 million in Bitcoin or USDTether (USDT). The country made Bitcoin legal tender in 2021 and since then has drawn the interest of crypto market participants through BTC adoption.

Catalysts driving Bitcoin price alongside the El Salvador citizenship program include the anticipation surrounding Spot Bitcoin ETF approvals, and the institutional adoption of Bitcoin.

Also read: Bitcoin price to hit $125,000 in 2024 according to Matrixport research

Daily Digest Market Movers: Bitcoin analyst predicts an early BTC bull run in the beginning of 2024 

  • Bitcoin price is trading sideways close to the $43,500 level on Friday after BTC yielded 15.25% gains for holders this week. 
  • Bitcoin analyst Alistar Milne analyzed the weekly Bitcoin price chart and noted that the current BTC bear market was the “worst” time spent under the 200-week Moving Average price for Bitcoin.
  • In accordance with Milne’s prediction, BTC’s 50-week Moving Average will soon cross back above the 200-week in a “golden cross” formation. 
  • Milne considers this a sign of an early bull market for Bitcoin

BTC/USD 1-week chart

BTC/USD 1-week chart 

  • Catalysts driving Bitcoin’s recent gains include El Salvador’s announcement of the Freedom Visa and citizenship program, in partnership with Tether, and Robinhood exchange’s launch of Bitcoin and crypto trading in the European Union. 
  • El Salvador’s Freedom Visa requires a $1 million investment in Bitcoin or USDT and welcomes investors to a “Bitcoin Lifestyle”. 
  • Robinhood has ushered in commission-free crypto trading in the EU, driving cryptocurrency adoption and ushering demand from market participants in the region. 
  • These catalysts are likely to fuel Bitcoin price rally and support the bullish thesis for BTC. 
  • In a recent interview with Kyle Chasse, Bloomberg ETF analyst James Seyffart said that the Securities and Exchange Commission (SEC) is less likely to reject Spot Bitcoin ETF applications. Instead in the event that the regulator is not prepared for immediate launch, a delay is the better course of action. 

Technical Analysis: Bitcoin price eyes $50,000 target for week 3 of December

  • Bitcoin price has yielded nearly 23% gains for BTC holders in the past month and 15% gains in the past week. BTC price is likely to sustain its gains and target the $50,000 level in the third week of December, according to crypto analyst and Web3 investor, @CredibleCrypto. 
  • The analyst noted the addition of $30 million in Bitcoin spot bids and argued that irrespective of whether BTC price sweeps the $42,000 lows or not, the asset is likely to tag $50,000. 

BTC/USD price chart

BTC/USD price chart 

  • The analyst analyzed Bitcoin price on low timeframes and predicted a correction for lack of spot market buyers and argued that a significant shift needs to be taken in consideration to see BTC price rally to $50,000.
  • @CredibleCrypto asks traders to be cautiously bullish on lower timeframes and maintains a long-term bullish bias on Bitcoin price.

Open Interest, funding rate FAQs

How does Open Interest affect cryptocurrency prices?

Higher Open Interest is associated with higher liquidity and new capital inflow to the market. This is considered the equivalent of increase in efficiency and the ongoing trend continues. When Open Interest decreases, it is considered a sign of liquidation in the market, investors are leaving and the overall demand for an asset is on a decline, fueling a bearish sentiment among investors.

How does Funding rate affect cryptocurrency prices?

Funding fees bridge the difference between spot prices and prices of futures contracts of an asset by increasing liquidation risks faced by traders. A consistently high and positive funding rate implies there is a bullish sentiment among market participants and there is an expectation of a price hike. A consistently negative funding rate for an asset implies a bearish sentiment, indicating that traders expect the cryptocurrency’s price to fall and a bearish trend reversal is likely to occur.


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended Content

Editors’ Picks

Bitcoin Weekly Forecast: Fed-led rally could have legs towards $65,000

Bitcoin Weekly Forecast: Fed-led rally could have legs towards $65,000

Bitcoin has risen 7% so far this week, supported by the US Fed interest-rate cut and more than $300 million in ETFs inflows. The recent surge led BTC price to shatter several key technical resistance levels, a sign that the current two-week rally has likely some more way to go towards $65,000.

More Bitcoin News
Ethereum, BNB and POL holders on the watch as BingX faces loss of $26 million in hack

Ethereum, BNB and POL holders on the watch as BingX faces loss of $26 million in hack

Crypto exchange BingX said on Friday that it suffered a hack, an attack that led to “minimal” losses that researchers at PeckShield estimate at $26.68 million.  The attacker swapped the stolen altcoins for Ethereum, Binance Coin and Polygon tokens, according to on-chain data. 

More Cryptocurrencies News
Pepe price forecast: Eyes for 30% rally

Pepe price forecast: Eyes for 30% rally

Pepe extends the upward movement on Friday after breaking above the descending trendline and resistance barrier on Thursday. PEPE’s dormant wallets are in motion, and the long-to-short ratio is above one, further supporting this bullish move and hinting at a rally on the horizon.

More PEPE News
Shiba Inu is poised for a rally as price action and on-chain metrics signal bullish momentum

Shiba Inu is poised for a rally as price action and on-chain metrics signal bullish momentum

Shiba Inu remains strong on Friday after breaking above a symmetrical triangle pattern on Thursday. This breakout signals bullish momentum, further bolstered by a rise in daily new transactions that suggests a potential rally in the coming days.

More Shiba Inu News
Bitcoin: Fed-led rally could have legs towards $65,000

Bitcoin: Fed-led rally could have legs towards $65,000

Bitcoin (BTC) has risen 7% so far this week, supported by the US Federal Reserve (Fed) interest-rate cut and more than $300 million in ETFs inflows. The recent surge led BTC price to shatter several key technical resistance levels, a sign that the current two-week rally has likely some more way to go towards $65,000.

Read full analysis
Moneta Markets review 2024: All you need to know

Moneta Markets review 2024: All you need to know

VERIFIED In this review, the FXStreet team provides an independent and thorough analysis based on direct testing and real experiences with Moneta Markets – an excellent broker for novice to intermediate forex traders who want to broaden their knowledge base.

Read More

BTC

ETH

XRP