Bitcoin (BTC) sought to overcome weekly range resistance on Dec. 20 as BTC price strength battled altcoins for supremacy.
$46,300 emerges as BTC price target
Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it neared $44,900 after the Wall Street open.
After dropping to near $40,000 at the start of the week, Bitcoin staged a comeback to cause traders to reconsider the likelihood of steeper downside.
Commenting on the current market trend, popular trader Credible Crypto argued that Ether (ETH) seeing a local bottom further reinforced the odds of upside continuation for BTC.
Another reason why I think there is a decent chance our local bottom on $BTC may be in and we may not get that 40k sweep I discussed earlier is because $ETH has hit the downside target I spoke about in my last video update.
— CrediBULL Crypto (@CredibleCrypto) December 20, 2023
If the bottom is in on $ETH then it's probably in on… https://t.co/FPGPBzy4PS pic.twitter.com/PuRUYmeuor
Estimating where that continuation could end up in the short term, analyst Matthew Hyland eyed new 2023 highs above $46,000.
“BTC now at the top of the range of the double bottom reversal,” he told subscribers on X (formerly Twitter) on the day.
“The price target if breakout confirms would be around $46.3k. Would need to break resistance at annual highs from earlier this month as well.”
An accompanying chart highlighted a double bottom construction involving $40,000 support in place over December.
Fellow trader Jelle likewise agreed that Bitcoin looked “eager to break out,” describing the support retests as a “shallow pullback.”
#Bitcoin is breaking out!
— Jelle (@CryptoJelleNL) December 20, 2023
Can it make its way to $48,000? https://t.co/zmLCieC9tY pic.twitter.com/FxrnG3UnJd
The current local high, which marks Bitcoin’s highest levels since April 2022, stands at $44,729 on Bitstamp.
Bitcoin, meanwhile, recovered lost market share, with its market dominance at 53.8%, up 0.8% versus the start of the week.
Biggest news since the White Paper”
In the ongoing debate over the imminent decision on the United States’ first Bitcoin spot price exchange-traded fund (ETF), bullish takes continued to flow.
Related: Coinbase stock 2023 returns pass 400% as COIN beats tech giants, Bitcoin
On the day, it was well-known investor Fred Krueger keeping hopes alive, seeking to explain the muted market “front-running” of an ETF go-ahead.
“If you work at a the ETF desk at Blackrock, you have been given strict orders not to mess up what Saylor calls ‘the most significant financial markets product in 30 years,’ part of an X post stated, referring to recent ETF commentary by MicroStrategy CEO Michael Saylor.
“The last thing you do is buy GBTC, MSTR or some competing product. The last thing you do is buy actual BTC and deposit it [into] your dedicated ETF Coinbase custody account.”
Krueger argued that political events in the U.S. could be contributing to markets’ cold feet, despite an ETF approval constituting “the biggest news in Bitcoin since the White Paper.”
As Cointelegraph reported, the decision is due in around three weeks’ time, with Jan. 10 the final deadline.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.