Bitcoin

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<img width="1200" height="681" src="https://coingape.com/wp-content/uploads/2023/12/Bdl7vfvZ-e1701713194212.png" class="attachment-full size-full wp-post-image" alt="BTC price" decoding="async" style="float:right; margin:0 0 10px 10px;">
Bitcoin Price Prediction: After witnessing uncertainty for the major portion of November, the <a href="https://coingape.com/price/bitcoin/">Bitcoin price</a> started picking up momentum in the last week. Starting from $35,682 low the recovery surged 17.12 to reach a current trading price of $41,743. However, a look at the technical chart shows this upswing is still confined within an expanding channel pattern, which could significantly alter the near future trend. 
Also Read: <a href="https://coingape.com/recession-2024-fears-bitcoin-vs-gold-set-for-an-epic-battle-this-time/">Recession 2024 Fears: Bitcoin vs Gold Set For An Epic Battle This Time</a> 
<h2 id="b-is-btc-heading-to-50000-b">Is BTC Heading to $50000?</h2> 
<ul> 
 <li style="font-weight: 400;" aria-level="1">The BTC price rising for four consecutive days with a substantial increase in volume indicates sustained recovery</li> 
 <li style="font-weight: 400;" aria-level="1">The expanding channel pattern leads to the current recovery trend.</li> 
 <li style="font-weight: 400;" aria-level="1">The intraday trading volume in Bitcoin is $36.9 Billion, indicating a 101% gain.</li> 
</ul> 
<figure style="width: 100%" class="wp-caption alignnone">
 <img decoding="async" src="https://s3.tradingview.com/snapshots/b/Bdl7vfvZ.png" alt="Bitcoin Price Prediction TradingView Chart" width="1946" height="1105">
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 Bitcoin Price Prediction | TradingView Chart
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In the last seven months, the Bitcoin price trajectory has been characterized by a gradual yet consistent recovery, guided by a rising expanding channel pattern. The repeated rebounds from the two ascending trendlines of this pattern underscore its significant impact on market participants.&nbsp; 
<blockquote>
 Notably, on November 22nd, Bitcoin experienced a reversal from the lower trendline, leading to a robust recovery that touched a <a href="https://coingape.com/bitcoin-btc-price-smashes-past-40000-first-time-in-18-months-whats-next/">19-month high of $42,200</a> at the upper trendline. Historical observations of this pattern indicate that reaching the upper trendline often triggers increased selling pressure, typically resulting in a reversion back to the lower trendline.&nbsp;
</blockquote> 
However, it’s important to note that this pattern generally signifies growing market uncertainty, as evidenced by the large price swings within the pattern. Therefore, a breakout above the pattern’s upper trendline would be a more convincing indicator of a strong recovery, potentially driving the price up by 15% to reach around $48,175, and possibly extending to the $50,000 mark 
<h2 id="b-bitcoin-wallets-surpass-50-million-as-btc-price-rally-fuels-growth-b">Bitcoin Wallets Surpass 50 Million as BTC Price Rally Fuels Growth</h2> 
<figure id="attachment_167680" aria-describedby="caption-attachment-167680" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="wp-image-167680 size-full" src="https://coingape.com/wp-content/uploads/2023/12/GAfTRG6WIAAZsFy.jpeg" alt="" width="1450" height="645" srcset="https://coingape.com/wp-content/uploads/2023/12/GAfTRG6WIAAZsFy.jpeg 1450w, https://coingape.com/wp-content/uploads/2023/12/GAfTRG6WIAAZsFy-300x133.jpeg 300w, https://coingape.com/wp-content/uploads/2023/12/GAfTRG6WIAAZsFy-1224x544.jpeg 1224w, https://coingape.com/wp-content/uploads/2023/12/GAfTRG6WIAAZsFy-768x342.jpeg 768w, https://coingape.com/wp-content/uploads/2023/12/GAfTRG6WIAAZsFy-150x67.jpeg 150w" sizes="(max-width: 1450px) 100vw, 1450px">
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 Source- Intotheblock
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</figure> 
The Bitcoin (BTC) recovery surpassing the $40,000 psychological level has brought notable changes within its ecosystem, particularly in the growth of active wallets. <a rel="nofollow" href="https://x.com/intotheblock/status/1731598363005481202?s=20">Data from IntoTheBlock</a>, a prominent on-chain data provider, reveals a significant increase in the number of Bitcoin wallets holding a balance. Surpassing the 50 million mark, this growth represents an impressive increase of over 17% since the year’s start, highlighting a rising interest and participation in the Bitcoin network. 
<ul> 
 <li style="font-weight: 400;" aria-level="1">Bollinger band: An upswing in the upper boundary of the <a href="https://coingape.com/education/bollinger-band/">Bollinger band</a> indicator reflects the buyers are currently having an upper hand.&nbsp;</li> 
 <li style="font-weight: 400;" aria-level="1">Vortex indicator. A bullish crossover state between the VI+(blue) and VI(-) pink indicates a recovery trend in action.</li> 
</ul> 
The post <a rel="nofollow" href="https://coingape.com/markets/bitcoin-price-prediction-will-btc-recovery-surpass-50000/">Bitcoin Price Prediction: Will $BTC Recovery Surpass $50000 in December?</a> appeared first on <a rel="nofollow" href="https://coingape.com">CoinGape</a>.

Bitcoin Price Prediction: Will $BTC Recovery Surpass $50000 in December?

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