Crypto Price Prediction December 21: BTC, BONK, MINA

Business

Crypto Price Prediction December 21: BTC, BONK, MINA – Crypto News

Published

1 year ago

December 21, 2023

Dripp

Crypto price prediction: Bitcoin climbs above $44,000 as select altcoins like BONK and MINA break out ahead of spot ETF approval.

<!–

–>

Published 21 seconds ago

Crypto price prediction: Investors are anxiously waiting for the approval of the spot Bitcoin exchange funds (ETFs) by the Securities and Exchange Commission (SEC) in the United States. The agency is expected to node to multiple ETF proposals in early January — a move likely to trigger a buy the rumor sell the news situation.

The market has mainly been trading in a range over the last two weeks, with Bitcoin price hovering between $40,000 and $44,000. Select altcoin majors Solana (SOL), Internet Computer (ICP), Injective (INJ), and more continue with the uptrend unbothered by the volatility across the market.

Ethereum and other tokens like Cardano and XRP wobbled in response to investors taking profits, losing 3%, 1.3%, and 7.5% in a week.

Although bulls managed to turn things around this week, as Bitcoin retested resistance at $44,000, the tension surrounding the approval of BTC spot ETFs is creating uncertainty among investors.

Crypto Price Prediction: Will Bitcoin Dump After ETF Approval?

The potential greenlighting of spot ETFs in the US is sending mixed signals with market participants, for instance, QCP Capital, a Singapore-based digital asset trading platform, suggesting that Bitcoin will top out in the region between “$45k-$48.5k” and possibly correct to $36,000 ahead of the next major uptrend.

“It is likely that the actual demand for the bitcoin spot ETF at the start will fall short of market expectations,” QCP said in a note. “We expect topside resistance for bitcoin in the $45k-$48.5k region and a possible retracement to 36k levels before the uptrend resumes.”

Bitcoin is currently trading slightly above $44,000 on Thursday during US business hours, up 3% on-day. It is on the cusp of a breakout above the red horizontal array on the daily chart, which could prop the breakout to $45,000 and extend it toward $48,000 later this weekend.

Bitcoin price prediction chart | Tradingview

The Relative Strength Index (RSI) backs the bullish thesis. However, higher support at $44,000 is necessary for the continuation of the uptrend.

In case traders lock in the gains afraid to ride the uncertain bullish trend, overhead pressure might weigh down on Bitcoin price such that it retests support at $40,000.

Nevertheless, Bitcoin stands out as one of the top cryptos to buy in December ahead of the approval of the ETFs.

Recommended article: Crypto Prices Today: BTC, IOTX Surge As Pepe Coin Slips

Bonk Price Prediction: Navigating Flag Breakout

Bonk is finally breaking out of a bull flag pattern which formed as the meme coin retraced from all-time highs of $0.000035. The correction also allowed BONK to consolidate within the flag, suggesting that the downtrend is gradually exhausting ahead of the next breakout.

Bonk price prediction chart | Tradingview

A bull flag pattern is validated with the price breaking above the flag, which in Bonk’s case coincides with resistance highlighted by the 20 Exponential Moving Average (EMA) (in blue). A precise breakout target would be equal to half the distance of the flagpole, approximately 137.5% above the flag.

Based on the RSI, consolidation may continue in the current session but a breakout could swiftly follow.

Mina Protocol Price Prediction As MINA Surges 12%

Mina Protocol is on the move again, soaring 12% in 24 hours to $0.935 at the time of writing. The meme coin has since mid-October increased in value by a whopping 166% and the latest breakout could blast it above the next key hurdles at $1.1 and $1.6, respectively.

The RSI at 67 and rising toward the overbought region, reinforces the bullish outlook. Support at $0.9 is required to validate the uptrend, as holders gain confidence to increase exposure to MINA.

If MINA slides below the immediate $0.9 support, the path with the least resistance could quickly flip downwards, amid a spike in volatility and a sweep through lower levels like $0.78 and $0.58. Dips could prove profitable, especially with the expectations of a bull run in 2024.

Share this article on: