Bitcoin price prediction for today, December 5 – InsideBitcoins

By Crypto Gloom On Dec 6, 2024

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According to Bitcoin price predictions, BTC has reached a milestone high of $104,000, indicating long-term bullish potential.

Bitcoin prediction statistical data:

Current Bitcoin Price – $102,486
Bitcoin market cap – $1.99 trillion
Bitcoin Circulating Volume – 19.79 million
Bitcoin total supply – 19.79 million
Bitcoin CoinMarketCap Ranking – 1st place

Getting into crypto early can lead to huge profits, Bitcoin (BTC) being the best example. On December 5, 2024, BTC reached an all-time high of $103,900.47, showing remarkable growth over the years. Amazingly, in July 2010, the value of BTC was only $0.04865, representing an incredible increase of +206,459,882.17% over 14 years. This means that an investment of just $10 at its lowest point is now worth over $20 million. BTC’s journey highlights the transformative power of early entry into cryptocurrency projects, proving that identifying potential at the right time can be life-changing.

BTC/USD Long-Term Trend: Bullish (Daily Chart)

Main level:

Resistance levels: $115,000, $117,000, $119,000

Support levels: $88,000, $86,000, $84,000

Bitcoin price prediction for today, December 5 – BTC technical analysis — BTCUSD – daily chart

Bitcoin’s recent surge to $103,629.86 means it has surpassed the critical resistance of $98,000 and reached an all-time high of $104,000. The BTC/USD pair shows strong bullish momentum, with the current price of $102,486.82 well above the 9-day and 21-day moving averages of $97,207.91 and $95,155.35, respectively. These moving averages are diverging upwards, indicating continued buying pressure and reinforcing the bullish trend on the daily chart.

Bitcoin Price Prediction: Bitcoin (BTC) Prepares for Further Rise

Looking at the daily chart, Bitcoin price is trading comfortably towards the upper boundary of the channel as the price sets a new bullish signal. However, it can be said that the long-term outlook favors the bulls. Providing daily closing prices create bullish candles with daily resistance set at $115,000, $117,000, and $119,000 respectively.

This means that a bearish move from current levels could lead to important support below the 9-day moving average and the 21-day moving average. Meanwhile, BTC may fall to the lowest support level of $97,000, and if this gets concentrated, King Coin could reach support levels of $88,000, $86,000, and $84,000. In a broader context, Bitcoin’s long-term outlook remains positive and its path towards $110,000 and $120,000 remains intact. However, immediate market dynamics indicate the possibility of a near-term correction.

BTC/USD medium-term trend: Bullish (4H chart)

On the 4-hour chart, Bitcoin (BTC) is trading at $102,614.69, above the 9-day and 21-day moving averages. The recent price action signals an important move as BTC surges above the top of the channel with a strong bullish crossover. This upward momentum is further strengthened as the 9-day moving average remains above the 21-day moving average, indicating continued bullish sentiment.

However, if the bulls fail to maintain their upward momentum, a potential downward move could occur, with the price potentially falling below the 9-day moving average to form support below $98,000. On the other hand, if the bulls encounter resistance near $105,000 and break out, BTC/USD could extend the rally above the channel boundary targeting higher resistance levels above $108,000.

@AbsGMCrypto shared an interesting analysis with his followers on This moment is a pivotal achievement that solidifies Bitcoin’s status as a revolutionary financial asset in global markets.

Breaking News: 🇺🇸 $BTC For the first time in human history, we’ve surpassed $100,000! pic.twitter.com/H3cVN9InRA

— Good Morning Crypto (@AbsGMCrypto) December 5, 2024

Bitcoin Alternatives

Bitcoin is currently trading within a rising channel with support at $97,952 and resistance around $115,000. A break above $110,000 could indicate further upside, while failure to maintain momentum could lead to a pullback towards $98,000. Moderate trading volume indicates healthy market participation and supports an upward trend. Meanwhile, Pepe Unchained, a rapidly emerging cryptocurrency project, is attracting attention for its high growth potential, with expected returns ranging from 10 to 100 times. The company, which raised more than $73 million in presales, is preparing to list on major exchanges on platforms such as Binance, Coinbase and Robinhood.

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