Bitcoin Bulls Predict Price Resurgence, Eye $63k Mark
Bitcoin Bulls Bet on BTC Price Recovery
Bitcoin bulls are looking optimistically to the future, betting on a revival of the BTC price, similar to the end of 2020. The cold feet of Bitcoin traders seem to be disappearing as the strength of the BTC price brings the market back to $43,000.
BTC Price Recovers After Sudden Sale
Data from Cointelegraph Markets Pro and TradingView suggest that the upward trend could continue as on-chain metrics reset. Bitcoin “had to cool off” after reaching $44,000 this month, analysts believe, and after a trip near $40,000, conditions are improving.
Value Days Destroyed Reach Peak
Philip Swift, creator of the statistics resource Look Into Bitcoin, showed in a post on X (formerly Twitter) on December 13th that profit-taking spiked as BTC/USD reached its latest 19-month highs. He pointed to the “Value Days Destroyed” (VDD) metric, which multiplies the destroyed coin days by the current BTC price, and which reached its highest level since May 2021 on December 11th.
Bitcoin and Ethereum See Influx Increase
Others see the potential for further progress towards key resistances closer to $50,000 in the short-term BTC price action. For analyst Matthew Hyland, this is evidenced by the Relative Strength Index (RSI), which shows a bullish divergence with the price on daily timeframes.
Optimistic Forecasts for BTC Price
Equally optimistic is popular social media commentator Ali, who has noticed a return of significant inflow into both Bitcoin and the largest altcoin Ether (ETH). These, he noted, mimic conditions from the end of 2020, when BTC/USD first went beyond $20,000 to initiate price discovery.
“We have a plan. We know where we’re going, why we’re going, and when we’re going,” added commentator BitQuant in the latest series of bullish BTC price forecasts. “Bitcoin should overcome the $42K-$45K channel by the end of the coming week, and then there are no strong resistances until $63K.”
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