Bitcoin price prediction: Can a bear trap help push BTC to $100K?

The final week of November looks like a respiratory house for the market.

After three consecutive purple weeklies that worn out $970 billion total crypto market capitalizationThis week alone, the market is up greater than 5%, with inflows of $160 billion, probably marking the primary inexperienced weekly shut of the month.

Notably Bitcoin [BTC] accounts for 62% of the influx, whereas the Altcoin Seasonal Index dropped to the extent of mid-July. With flows clearly being routed by means of BTC, the Bitcoin value forecast seems bullish heading into December.

Supply: Glassnode

That stated, a full bull run is not going to be confirmed till BTC breaks by means of key resistance.

Glassnode information reveal four major supply clusters that might hinder Bitcoin’s path to a brand new all-time excessive. These clusters signify value zones the place long-term holders (HODLers) are most certainly to promote at a breakeven level.

To keep up momentum, the broader macro surroundings should stay supportive; In any other case, investor FOMO may rapidly fade. Encouraging, the Fear and greed index is up 8 factors this week, shifting sentiment from excessive concern to reasonable concern.

In the meantime, on-chain metrics are recovering, indicating a much less dangerous buying and selling surroundings. Collectively, the micro and macro reset level to a powerful accumulation part, with a possible bear lure appearing as a gateway to breaking by means of resistance.

Bitcoin value forecast indicators a transfer in the direction of six figures

Now that Bitcoin is in a danger part, a scarcity of liquidity is of course increase.

Merely put, when BTC held its restrict and sentiment hit excessive concern, giant clusters of merchants fashioned and wager in opposition to it. As momentum shifts again to risk-on, many of those positions are getting caught.

MintGlass reveals $1.13 billion in liquidations this week, 61.3% of that are brief bets. That is the primary week of the month the place brief liquidations dominated, after three straight weeks of over $1 billion in lengthy liquidations.

Supply: TradingView (BTC/USDT)

After all, $100,000 stands out as a major target for Bitcoin value prediction.

The percentages? BTCs capitulation statistics enhance, with internet realized revenue/loss turn around inexperienced and realized losses lower. Mixed with a restoration of indicators within the chain, this means that the provision is being steadily absorbed.

If this momentum continues, there might be a push towards a six-figure Bitcoin value forecast, with the current eradication of brief liquidity suggesting bulls are concentrating on key ranges and triggering bear traps to reclaim resistance.

Closing ideas

• Bitcoin is main the market inflows, however key resistance ranges have but to be damaged
• Bettering on-chain metrics and a decent liquidity crunch point out bulls are gearing up for a much bigger transfer.