Bitcoin Price Surge in 2024? Analysts Predict $100,000 Retest Based on Taker Buy Volume
Bitcoin Price – A key trading metric tracking buyer demand on Binance suggests that Bitcoin (BTC) may soon retest the psychological $100,000 price level before the end of 2024, according to a recent analysis. This development comes as Bitcoin has been lagging in price movement as the year draws to a close, sparking interest among traders and analysts alike.
Taker Buy Volume Shows Growing Buyer Interest
Since October 28, 2024, the Binance Bitcoin Taker Buy Volume — the total volume of buy transactions executed by “takers” on the exchange — has been forming higher lows, indicating increasing investor interest and rising buying pressure. This metric is seen as a key indicator of demand, and the upward trajectory of higher lows has attracted attention as a potential signal for a price increase.
In a December 27 analyst note, CryptoQuant contributor Burrakesmeci highlighted this trend, noting that Bitcoin’s taker buy volume has steadily increased from a low of below $5 billion on December 1, reaching just under $6 billion by December 15, and hovering around $6 billion on December 25. These higher lows often indicate an upward trend, which has traders speculating on a potential price surge.
Although the market has been experiencing corrections, Burrakesmeci pointed out that the rise in taker buy volume suggests that Bitcoin may see price growth in the coming days, further fueling speculation that the cryptocurrency could approach or surpass the $100,000 level before the year’s end.
Traders See Familiar Patterns from 2023
As Bitcoin continues its journey through the last days of 2024, several traders have pointed out that its current price action mirrors that of December 2023. Bitcoin’s price has been hovering below the $100,000 mark since December 19, after briefly breaking it on December 5. The price is now down by 11.2% from its all-time high of $108,300, recorded on December 17, 2024.
Crypto traders are noticing striking similarities between Bitcoin’s 2024 price movement and the price action observed in late 2023, when Bitcoin saw a massive rally after the approval of Bitcoin Exchange-Traded Funds (ETFs) in January 2024. In the three months following the approval, Bitcoin surged by nearly 90%.
One pseudonymous crypto trader, known as Jack, pointed out in a December 26 X post that Bitcoin’s price action looks “extraordinarily similar” to the price action from nearly a year ago. Another crypto trader, Titan of Crypto, echoed this sentiment, telling their 110,100 X followers that while the scenario may not play out exactly the same, BTC’s current price action closely resembles late 2023, with the pattern of 2024 seemingly running about three weeks ahead of schedule.
The Market’s Bullish Sentiment and Future Projections
As Bitcoin continues to show signs of renewed buyer interest and momentum, the potential for a retest of the $100,000 mark remains strong, especially with traders seeing patterns of historic growth. The taker buy volume increase, combined with the 2023-like price action, suggests that Bitcoin may be on the verge of another significant price surge, similar to the one witnessed last year.
However, the market remains volatile, with corrections and fluctuations still a possibility. While Bitcoin’s all-time high of over $108,000 in mid-December was a significant milestone, the path to further growth will depend on various factors, including broader market sentiment, institutional adoption, and the regulatory environment.
Bitcoin’s price action, driven by increasing investor interest and growing taker buy volume, indicates a bullish outlook as the year draws to a close. Traders and investors will be closely monitoring the situation, with many speculating that the $100,000 level may be within reach in the final days of 2024.
As Bitcoin’s momentum builds, all eyes will be on how the final weeks of the year unfold, with many wondering if history will repeat itself, and whether Bitcoin can break its recent resistance levels and reach new all-time highs.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Cryptocurrencies and stocks, particularly in micro-cap companies, are subject to significant volatility and risk. Please conduct thorough research before making any investment decisions.
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