What to Expect from Bitcoin in December 2021?
Hope that everyone out there is having a good time! Unfortunately, me sitting in India is battling with FUD & fake news spread by the Indian media regarding “Banning of Cryptocurrency by the Indian Government”. Nevertheless, I believe that Crypto is pretty new and is here to stay! Oh well did you know that price of Bitcoin tanked 25% in the Indian exchanges due to panic selling? A great opportunity for an arbitrage!
Now, let’s stick to the topic and discuss the price movement of Bitcoin in December. One thing to note is that anything can happen in the financial world. Over here we just discuss probabilities.
If we look at the above chart of BTC/Usdt, we can see that Bitcoin has been following a parallel channel depicted by the Pink Trend Lines in the chart since hitting the lows of June-July (29278$) on 21 July 2021. Also, Bitcoin was forming a falling wedge kind of structure during that time, depicted by blue trend lines. After breaking out from the falling wedge, Bitcoin took 34 days to hit the top of the parallel channel on 23 August 2021 (50714$).
After hitting the top, it can be seen that Bitcoin came crashing down to 39744$ and hit the bottom of the parallel channel on 22 Sep 2021. Again, a falling wedge formation can be seen depicted by the blue trend lines. It took Bitcoin 29 days to complete the fall.
A similar pattern can be seen replicating by Bitcoin. After breaking out from the second falling wedge, Bitcoin took 29 days to hit the top of the parallel channel on 20 Oct 2021 (67333$). And currently, it has again come crashing down and is currently trading at the 56K mark. It has been 35 days since hitting the top of the parallel channel. Bitcoin hasn’t hit the bottom of the parallel channel yet. Is it possible that Bitcoin goes into an uptrend without hitting the bottom of the channel? Absolutely Yes! Bitcoin is the King of Crypto & we cannot question the King. We can just anticipate its next move.
What Next?
As per the trend that Bitcoin is following, Bitcoin might probably hit the bottom of the parallel channel anytime soon. This can be close to 52000$ to 54000$ range. After that, it might break out of the falling wedge and go on to make another top. It might take another 30 to 40 days to make another top as per the previous trends. If we replicate the exact trend followed by Bitcoin we get something like this:-
The above chart is a depiction of the Bitcoin price movement based on its previous moves within the parallel channel. I would again like to emphasize the fact that this is just a probability of what Bitcoin might do next. This is in no way a sure-shot prediction. If we assume that Bitcoin will remain within the parallel channel and replicate its previous moves then we might see a close to 90000$ Bitcoin towards the end of this year!
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Note- Cryptocase is not a financial advisor and the above is not financial advice. The information is solely for educational & informational purposes only. Cryptocase is and shall not be responsible for any profit or loss incurred by you
