According to a cryptocurrency analyst on the 27th (local time), a widely used trading indicator that tracks buying demand on Binance, Bitcoin is expected to reach 1.5 trillion won by the end of the year.
"This suggests a retest of the logical price level of $100,000 is possible," he said.
Burrakesmeci, a contributor to CryptoQuant, said, “Since October 28, Binance’s
"Taker Buy Volume (the total amount of buy transactions made by takers on exchanges) for Bitcoin is reaching new highs," the analysts said in a note.
Bitcoin is still sluggish as we approach the final few days of 2024. Bitcoin is at $96,222 (approximately 15.17 million yen, according to CoinMarketCap on December 27th).
The index is traded at 1.5x the taker, which means a buyer willing to accept the highest immediate price the market offers. An increase in this indicator indicates increased investor interest and increased buying pressure.
Higher lows indicate an uptrend that forms when each low on the chart is higher than the previous low. CryptoQuant
According to a chart by Amazon, after falling below $5 billion on December 1st, it approached about $6 billion on December 15th and peaked at about $6 billion around December 25th.
These three highs and lows are generally a strong indication to traders that an uptrend is forming.
Burrakesmeci continued, "The market may have overheated and is undergoing a correction, but the continued increase in taker buying is a good sign.
"This suggests that we may see an upswing in the price of Bitcoin in the coming days."
2024/12/27 16:15 KST
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