As Bitcoin‘s price consolidates at higher levels, notable double-digit gains are observed among altcoins. For instance, MINA Coin has climbed to the $1.13 mark after a long hiatus. SOL Coin is approaching the $120 barrier closer than ever before. The continuation of these exciting altcoin rallies hinges on Bitcoin’s price remaining strong. Analysts are weighing in on the future direction of the cryptocurrency market.
Entering the first week of June, the calmest week of the year was anticipated. However, the market experienced one of the most tumultuous weeks due to legal issues involving Binance and Coinbase. Despite this, the year could end on a tranquil note with no significant macroeconomic developments expected in the following seven days, and markets are calm due to the Christmas holiday.
Analysts’ predictions are now in focus. A crypto commentator known as Credible believes that the Bitcoin price, which has been lingering around $43,500, is “definitely” set to rise. He interprets the recent sideways movement as indicative of accumulation and aims for new highs, stating that the current tight accumulation range, healthy total OI reaching new local lows, active Coinbase spot buyers, and nearly zeroed funding rates all point to readiness for the next surge. He hopes for a brief dip to the low $43,000s to fill a few more buy orders before the ascent.
Keith Alan, co-founder of Material Indicators, takes a more cautious stance. Analyzing exchange liquidity, he notes that reduced volumes during the holiday are not aiding the bulls in overcoming tough resistances. However, if liquidity providers redistribute, resistance could diminish. He suggests that while ‘roof moves’ have facilitated several R/S flips for Bitcoin since October, a continuation of consolidation or correction would be healthier for the market.
Data from CoinGlass as of December 23 indicates a monthly gain of 16% for Bitcoin, marking the best performance since 2020. This uptick reflects a growing optimism among investors and analysts alike, suggesting a potentially bullish outlook for the leading cryptocurrency as the year draws to a close.