Bitcoin Price Still Aims For $30,000 Despite Short-Term Pullback

Bitcoin price is down by 6% since its new all-time high at $23,800 on Binance. The digital asset is currently in a period of consolidation which should be considered healthy and desirable for the bulls.

The digital asset holds a 65.3% dominance over the market and a current market capitalization of $420 billion. Let’s take a look at several key indicators and on-chain metrics to determine the next most likely price move for BTC and what to expect.

Bitcoin Price Analysis: Volatility is through the roof

Of course, as Bitcoin hits new all-time highs, volatility is expected to increase. We have seen several significant price spikes to the upside and to the downside in the past 48 hours. The short-term price action of BTC is extremely volatile and practically impossible to predict.

On the 4-hour chart, Bicoin price seems to be forming a potential equilibrium pattern after establishing a lower high and what seems to be a higher low.

The last high is located at $23,285 and the last low at $22,311 as Bitcoin just formed a higher low at $22,400 which could potentially be the confirmation of the pattern within the next 12 hours. The range is already quite tight below $1,000 which means the pattern is most likely going to break within the next 48 hours.

Of course, when it comes to many on-chain metrics, there seems to be no resistance to the upside as Bitcoin has never been here before.

btc price

The number of whales holding between 1,000 and 10,000 coins ($22,500,000 and $225,000,000, at current prices) has increased tremendously since May 2020 from 2,007 holders to 2,200 currently.

This indicates that large holders are not interested in short-term profits and are holding their Bitcoin position despite the massive increase in price.

On December 16, Ruffer Investment confirmed a massive Bitcoin buy of around $744 million making it one of the largest BTC investments in 2020. A Ruffer spokesperson explained:

Ruffer portfolios aim to preserve capital and deliver good all-weather returns, and they now have an allocation to bitcoin to help us meet that objective

Ruffer’s exposure to Bitcoin is currently around $750 million which represents around 2.7% of the firm’s total assets under management.

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Bitcoin Price Analysis is explaining that BTC has briefly touched $12K mark.
Bitcoin Price Analysis© Cryptoticker

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