Bitcoin Price Prediction for Today, December 5 – BTC Technical Analysis

The Bitcoin price prediction shows that BTC reached a milestone high of $104,000, signaling long-term bullish potential.

Bitcoin Prediction Statistics Data:

• Bitcoin price now – $102,486
• Bitcoin market cap – $1.99 trillion
• Bitcoin circulating supply – 19.79 million
• Bitcoin total supply – 19.79 million
• Bitcoin Coinmarketcap ranking – #1

Getting into crypto early can lead to extraordinary gains, and Bitcoin (BTC) is the ultimate example. On December 5, 2024, BTC hit an all-time high of $103,900.47, showcasing its incredible growth over the years . Remarkably, back in July 2010, BTC was valued at just $0.04865, representing an astonishing +206,459,882.17% increase over 14 years. This means a mere $10 investment at its lowest point would now be worth over $20 million. BTC’s journey highlights the transformative power of early entry into crypto projects, proving that identifying potential at the right time can be life-changing.

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

Key levels:

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

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

BTCUSD – Daily Chart

Bitcoin’s recent surge to $103,629.86 represents a major breakout above the critical $98,000 resistance, reaching an all-time high of $104,000. The BTC/USD pair shows strong bullish momentum, with the price currently at $102,486.82, well above the 9-day and 21-day moving averages at $97,207.91 and $95,155.35, respectively. These moving averages are diverging upward, indicating sustained buying pressure and reinforcing the bullish trend on the daily chart.

Bitcoin Price Prediction: Bitcoin (BTC) Prepares for More Upsides

Looking at the daily chart, the Bitcoin price is trading comfortably towards the upper boundary of the channel as the price establishes a new bullish signal. However, one could say that the long-term outlook favors the bulls, giving the daily close produced a bullish candle with eyes now set on the daily resistances at $115,000, $117,000, and $119,000 respectively.

In other words, any bearish movement from the current level could lead to critical supports below the 9-day and 21-day moving averages. Meanwhile, BTC could drop and touch the low of $97,000 support, once this comes to focus, the king coin can hit the support levels at $88,000, $86,000, and $84,000. In the broader context, Bitcoin’s long-term outlook remains positive, with pathways toward $110,000 and $120,000 intact. However, the immediate market dynamics indicate the likelihood of a short-term correction.

BTC/USD Medium-term Trend: Bullish (4H Chart)

On the 4-hour chart, Bitcoin (BTC) is trading at $102,614.69, positioned above the 9-day and 21-day moving averages. The recent price action marks a significant move, as BTC surged above the upper boundary of the channel with a strong bullish cross. This upward momentum is further reinforced by the 9-day MA maintaining its position above the 21-day MA, signaling continued bullish sentiment.

Bitcoin (BTC)

However, a potential downward move could occur if the bulls fail to sustain the upward push, potentially driving the price below the 9-day moving average toward support at $98,000 or lower. On the upside, if the bulls encounter resistance near $105,000 and manage to break through, BTC/USD could extend its rally above the channel boundary, targeting higher resistance levels at $108,000 and beyond.

@AbsGMCrypto shared an exciting analysis with followers on X (formerly Twitter), highlighting how $BTC has reached a historic milestone, surpassing $100,000 for the first time in human history. This moment marks a pivotal achievement for Bitcoin, cementing its status as a revolutionary financial asset in the global market.

Bitcoin Alternatives

Bitcoin is currently trading within an ascending channel, with support at $97,952 and resistance around $115,000. A breakout above $110,000 could signal further gains, while a failure to sustain momentum might result in a pullback toward $98,000. Moderate trading volume indicates healthy market participation, bolstering the uptrend. Meanwhile, Pepe Unchained, a rapidly emerging crypto project, has garnered attention for its high-growth potential, with anticipated returns of 10x to 100x. Having raised over $73 million in its presale, it is poised for major exchange listings on platforms like Binance, Coinbase, and Robinhood.

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