Bitcoin Price Prediction for Today, December 5 – BTC Technical Analysis

Bitcoin Price Prediction

Bitcoin (BTC) has achieved a significant milestone, reaching a record high of $104,000, indicating long-term bullish potential.

Bitcoin Key Statistics

• Current price: $102,486
• Market capitalization: $1.99 trillion
• Circulating supply: 19.79 million
• Total supply: 19.79 million
• Coinmarketcap ranking: #1

Early Investment in Crypto: Extraordinary Gains

Investing in Bitcoin early can lead to exceptional returns. BTC surged to $103,900.47 on December 5, 2024, exhibiting remarkable growth since its inception. In July 2010, BTC value was just $0.04865, representing an astonishing +206,459,882.17% increase over 14 years. This underscores the transformative power of identifying potential in crypto projects' early stages.

BTC/USD Long-Term Trend: Bullish

Key resistance levels: $115,000, $117,000, $119,000
Key support levels: $88,000, $86,000, $84,000

BTC's recent break above $98,000 resistance and subsequent surge towards $104,000 signifies bullish momentum. The price currently trades at $102,486, exceeding both the 9-day and 21-day moving averages. These indicators suggest sustained buying pressure and reinforce the daily bullish trend.

Bitcoin Price Prediction: Further Upside Expected

The daily chart shows BTC trading near the upper channel boundary, establishing a bullish signal. Resistance levels at $115,000, $117,000, and $119,000 are potential targets for buyers.

Any bearish movement from the current level may lead to support below the moving averages, with potential drops towards $97,000, $88,000, $86,000, and $84,000. However, Bitcoin's long-term outlook remains positive, with pathways towards $110,000 and $120,000 intact.

BTC/USD Medium-Term Trend: Bullish

BTC trades at $102,614.69 on the 4-hour chart, positioned above both the 9-day and 21-day moving averages. A surge above the upper boundary of the channel, supported by a bullish cross, indicates upward momentum.

A potential pullback could occur if bulls fail to maintain momentum, driving the price below the 9-day moving average towards support at $98,000 or lower. On the upside, a break above $105,000 could extend the rally towards $108,000 and beyond.

Bitcoin Alternatives

Bitcoin trades within an ascending channel, with support at $97,952 and resistance at $115,000. A breakout above $110,000 could signal further gains, while a momentum loss might result in a pullback towards $98,000. Moderate trading volume indicates healthy market participation.

Pepe Unchained, a promising crypto project, has gained attention for its high-growth potential, with projected returns of 10x to 100x. Raising over $73 million in its presale, it is expected to list on major platforms like Binance, Coinbase, and Robinhood.

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