Unlocking Potential BTC Price Primed for $45K Surge, Predicts Trader

Credible Crypto’s Insight: BTC at $43,500 – The Perfect Setup

Renowned trader and analyst, Credible Crypto, asserts that at the current $43,500 mark, Bitcoin is “absolutely primed” for an upward trajectory. In recent X posts (formerly Twitter), Credible Crypto suggests that the recent period of flat trading signifies accumulation, stating, “It really does not get much better than this.”

“Some final accumulation going on here before the push to 50k+ imo,” he summarized in one of his posts. Emphasizing the importance of market indicators resetting, he adds that tight accumulation, low aggregate Open Interest (OI), active Coinbase spot buyers, and nearly fully reset funding positions set the stage for the next bullish move.

Order Book Data and Key Resistance at $45,000

Examining the order book data for the BTC/USDT pair on Binance, the largest global exchange, the crucial resistance level lies around $45,000. This level represents approximately $92 million in ask liquidity, as reported by trading resource Material Indicators.

Differing Perspectives: Keith Alan’s Take on Resistance and Holiday Trading

Contrarily, Keith Alan, co-founder of Material Indicators, presents a different perspective. He suggests that holiday trading activity might not provide sufficient momentum for bulls to breach the resistance. However, he acknowledges that the resistance could weaken if liquidity owners reallocate.

“Those ‘roof pulls’ have helped Bitcoin make a few R/S flips since October, so be prepared for that. But, in my opinion, continued consolidation and/or correction would be much healthier for the market,” mentioned part of X commentary.

Bitcoin’s December Journey and Yearly Outlook

As December draws to a close, Bitcoin is on track for a moderately average month. According to statistics from CoinGlass, month-to-date gains stand at around 16% as of December 23. Notably, the quarterly performance at 62% positions this as Bitcoin’s best since 2020.