Plunge

Token

Create

Bitcoin

<div class="insidebitcoins">
 Bitcoin price has dropped almost 4% in the last 24 hours to trade at $42,323 as of 4:22 a.m. EST as trading volume surged 79% to $26.4 billion. 
 The tumble, which saw the king of cryptocurrency tag the $40,000 psychological level briefly, wiped out almost $206 million in positions from the market. 
 Specifically, $197.366 million worth of long positions were liquidated alongside $8.23 million short positions. 
 <figure id="attachment_464745" aria-describedby="caption-attachment-464745" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="wp-image-464745 size-full" src="data:image/svg+xml,%3Csvg%20xmlns='//www.w3.org/2000/svg'%20viewBox='0%200%202768%20770'%3E%3C/svg%3E" alt="BTC liquidations chart" width="2768" height="770" data-lazy-srcset="https://cdn.thebittimes.com/images/2023/12/11/9944e450de6799585d503948b2cc0c95.webp 2768w, https://cdn.thebittimes.com/images/2023/12/11/9944e450de6799585d503948b2cc0c95.webp 300w, https://cdn.thebittimes.com/images/2023/12/11/9944e450de6799585d503948b2cc0c95.webp 1024w, https://cdn.thebittimes.com/images/2023/12/11/9944e450de6799585d503948b2cc0c95.webp 768w, https://cdn.thebittimes.com/images/2023/12/11/9944e450de6799585d503948b2cc0c95.webp 1536w, https://cdn.thebittimes.com/images/2023/12/11/9944e450de6799585d503948b2cc0c95.webp 2048w" data-lazy-sizes="(max-width: 2768px) 100vw, 2768px" data-lazy-src="https://cdn.thebittimes.com/images/2023/12/11/9944e450de6799585d503948b2cc0c95.webp">
 <noscript>
 <img decoding="async" class="wp-image-464745 size-full" src="https://cdn.thebittimes.com/images/2023/12/11/9944e450de6799585d503948b2cc0c95.webp" alt="BTC liquidations chart" width="2768" height="770" srcset="https://cdn.thebittimes.com/images/2023/12/11/9944e450de6799585d503948b2cc0c95.webp 2768w, https://cdn.thebittimes.com/images/2023/12/11/9944e450de6799585d503948b2cc0c95.webp 300w, https://cdn.thebittimes.com/images/2023/12/11/9944e450de6799585d503948b2cc0c95.webp 1024w, https://cdn.thebittimes.com/images/2023/12/11/9944e450de6799585d503948b2cc0c95.webp 768w, https://cdn.thebittimes.com/images/2023/12/11/9944e450de6799585d503948b2cc0c95.webp 1536w, https://cdn.thebittimes.com/images/2023/12/11/9944e450de6799585d503948b2cc0c95.webp 2048w" sizes="(max-width: 2768px) 100vw, 2768px">
 </noscript>
 <figcaption id="caption-attachment-464745" class="wp-caption-text">
 BTC liquidations chart
 </figcaption>
 </figure> 
 The week is off to a volatile start, with the US Consumer Price Index (CPI) and Fed’s interest rate decision slated for later in the week expected to spur even more volatility. 
 The drop, witnessed during the early hours of the Asian session, also wiped $1.2 billion in open interest, which currently sits at $19.50 billion. 
 <figure id="attachment_464746" aria-describedby="caption-attachment-464746" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="wp-image-464746 size-full" src="data:image/svg+xml,%3Csvg%20xmlns='//www.w3.org/2000/svg'%20viewBox='0%200%201320%20324'%3E%3C/svg%3E" alt="BTC open interest" width="1320" height="324" data-lazy-srcset="https://cdn.thebittimes.com/images/2023/12/11/ae509b89c11e293110e07529074f9e38.webp 1320w, https://cdn.thebittimes.com/images/2023/12/11/ae509b89c11e293110e07529074f9e38.webp 300w, https://cdn.thebittimes.com/images/2023/12/11/ae509b89c11e293110e07529074f9e38.webp 1024w, https://cdn.thebittimes.com/images/2023/12/11/ae509b89c11e293110e07529074f9e38.webp 768w" data-lazy-sizes="(max-width: 1320px) 100vw, 1320px" data-lazy-src="https://cdn.thebittimes.com/images/2023/12/11/ae509b89c11e293110e07529074f9e38.webp">
 <noscript>
 <img decoding="async" class="wp-image-464746 size-full" src="https://cdn.thebittimes.com/images/2023/12/11/ae509b89c11e293110e07529074f9e38.webp" alt="BTC open interest" width="1320" height="324" srcset="https://cdn.thebittimes.com/images/2023/12/11/ae509b89c11e293110e07529074f9e38.webp 1320w, https://cdn.thebittimes.com/images/2023/12/11/ae509b89c11e293110e07529074f9e38.webp 300w, https://cdn.thebittimes.com/images/2023/12/11/ae509b89c11e293110e07529074f9e38.webp 1024w, https://cdn.thebittimes.com/images/2023/12/11/ae509b89c11e293110e07529074f9e38.webp 768w" sizes="(max-width: 1320px) 100vw, 1320px">
 </noscript>
 <figcaption id="caption-attachment-464746" class="wp-caption-text">
 BTC open interest
 </figcaption>
 </figure> 
 Meanwhile, former Goldman Sachs executive Raoul Pal, now CEO of Real Vision, forecasts Bitcoin price surging to between $100,000 and as high as $200,000 in the next bull run. Notably, this cycle is expected to start after the BTC halving in April, an event that has historically kick-started bull cycles. 
 
 <div class="rll-youtube-player" data-src="https://thebittimes.com/image/getimage/?url=https://www.youtube.com/embed/pJfnchhDRuQ" data-id="pJfnchhDRuQ" data-query="feature=oembed" data-alt="What a Spot Bitcoin ETF Means for Bitcoin Prices"></div>
 <noscript>
 <iframe title="What a Spot Bitcoin ETF Means for Bitcoin Prices" width="640" height="360" src="https://thebittimes.com/image/getimage/?url=https://www.youtube.com/embed/pJfnchhDRuQ?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen></iframe>
 </noscript>
 
 The prediction came during a recent&nbsp;interview on the Unchained Crypto YouTube channel with Laura Shin. According to Pal, Bitcoin price is likely to display a traditional cycle, rallying somewhere between $100,000 and $200,000. That outcome he sees having a 60% probability. 
 This is among the three possible outcomes the ex-Goldman Sachs executive “is juggling with,” with the other one being a 20% chance of unfolding, such that there is a massive influx of money into the crypto sector, potentially initiating “a bigger-than-expected bull run.” 
 Lastly, Pal is also grappling with the possibility that the “whole cycle is front-loaded and, it’s shorter, but more violent in 2024.” 
 <h2 id="bitcoin-price-outlook-evaluating-the-4-plunge-in-btc">Bitcoin Price Outlook: Evaluating The 4% Plunge In BTC</h2> 
 Bitcoin price was earlier testing the midpoint of the 77% crash recorded during the bear market. The level is critical, pivotal to be specific, with a high likelihood of triggering massive take profits or sell orders. The result of this is widespread liquidations. 
 As such, Bitcoin price could likely consolidate around this level even as the bulls and bears engage in a tug of war. 
 Meanwhile, the people’s crypto continues to confront the midline of a supply barrier at $43,860. A break and close above this level would confirm the continuation of the primary trend. 
 The upside potential remains alive for Bitcoin price, as suggested by the position of the Relative Strength Index (RSI) above 50. The histogram bars of the Awesome Oscillator (AO) also add credence to the bullish thesis, showing green histogram bars in the positive territory. 
 Increased buying pressure could see Bitcoin price flip the weekly supply barrier into a bullish breaker even as it extend to the next key barrier at $54,763. In a highly bullish case, the gains could extrapolate for BTC to test the $60,098 range high, last tested in November 2021. Such a move would denote a 60% climb above current levels. 
 <figure id="attachment_464747" aria-describedby="caption-attachment-464747" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="wp-image-464747 size-full" src="data:image/svg+xml,%3Csvg%20xmlns='//www.w3.org/2000/svg'%20viewBox='0%200%201272%20541'%3E%3C/svg%3E" alt="Bitcoin price" width="1272" height="541" data-lazy-srcset="https://cdn.thebittimes.com/images/2023/12/11/0b27a2c96f48ef5d9d6ca7671eba66a6.webp 1272w, https://cdn.thebittimes.com/images/2023/12/11/0b27a2c96f48ef5d9d6ca7671eba66a6.webp 300w, https://cdn.thebittimes.com/images/2023/12/11/0b27a2c96f48ef5d9d6ca7671eba66a6.webp 1024w, https://cdn.thebittimes.com/images/2023/12/11/0b27a2c96f48ef5d9d6ca7671eba66a6.webp 768w" data-lazy-sizes="(max-width: 1272px) 100vw, 1272px" data-lazy-src="https://cdn.thebittimes.com/images/2023/12/11/0b27a2c96f48ef5d9d6ca7671eba66a6.webp">
 <noscript>
 <img decoding="async" class="wp-image-464747 size-full" src="https://cdn.thebittimes.com/images/2023/12/11/0b27a2c96f48ef5d9d6ca7671eba66a6.webp" alt="Bitcoin price" width="1272" height="541" srcset="https://cdn.thebittimes.com/images/2023/12/11/0b27a2c96f48ef5d9d6ca7671eba66a6.webp 1272w, https://cdn.thebittimes.com/images/2023/12/11/0b27a2c96f48ef5d9d6ca7671eba66a6.webp 300w, https://cdn.thebittimes.com/images/2023/12/11/0b27a2c96f48ef5d9d6ca7671eba66a6.webp 1024w, https://cdn.thebittimes.com/images/2023/12/11/0b27a2c96f48ef5d9d6ca7671eba66a6.webp 768w" sizes="(max-width: 1272px) 100vw, 1272px">
 </noscript>
 <figcaption id="caption-attachment-464747" class="wp-caption-text">
 TradingView: BTC/USDT 1-week chart
 </figcaption>
 </figure> 
 Further, a comparison of the ongoing Bitcoin price action and the one recorded during the last two cycles shows that there is no threat of a major bull market correction for Bitcoin price. This is until it tags the 61.8% Fibonacci retracement level of $48,725. 
 <img decoding="async" class="aligncenter wp-image-464748 size-full" src="data:image/svg+xml,%3Csvg%20xmlns='//www.w3.org/2000/svg'%20viewBox='0%200%201272%20542'%3E%3C/svg%3E" alt="Bitcoin " width="1272" height="542" data-lazy-srcset="https://cdn.thebittimes.com/images/2023/12/11/2706bf17161f0a0f1063114c35d32daf.webp 1272w, https://cdn.thebittimes.com/images/2023/12/11/2706bf17161f0a0f1063114c35d32daf.webp 300w, https://cdn.thebittimes.com/images/2023/12/11/2706bf17161f0a0f1063114c35d32daf.webp 1024w, https://cdn.thebittimes.com/images/2023/12/11/2706bf17161f0a0f1063114c35d32daf.webp 768w" data-lazy-sizes="(max-width: 1272px) 100vw, 1272px" data-lazy-src="https://cdn.thebittimes.com/images/2023/12/11/2706bf17161f0a0f1063114c35d32daf.webp">
 <noscript>
 <img decoding="async" class="aligncenter wp-image-464748 size-full" src="https://cdn.thebittimes.com/images/2023/12/11/2706bf17161f0a0f1063114c35d32daf.webp" alt="Bitcoin " width="1272" height="542" srcset="https://cdn.thebittimes.com/images/2023/12/11/2706bf17161f0a0f1063114c35d32daf.webp 1272w, https://cdn.thebittimes.com/images/2023/12/11/2706bf17161f0a0f1063114c35d32daf.webp 300w, https://cdn.thebittimes.com/images/2023/12/11/2706bf17161f0a0f1063114c35d32daf.webp 1024w, https://cdn.thebittimes.com/images/2023/12/11/2706bf17161f0a0f1063114c35d32daf.webp 768w" sizes="(max-width: 1272px) 100vw, 1272px">
 </noscript> 
 It is imperative that investors exercise caution following the move recorded today as it caught many greedy investors off-guard. The likely place for market-wide profit taking to occur will be the $50,000 psychological level, standing 15% above current levels. 
 <h4>Converse Case</h4> 
 On the flip side, if the weekly supply zone holds as a resistance order block, Bitcoin price could pull south. The slump could see BTC lose the support offered by the $40,000 psychological level or in a dire case, extend to test the centerline of the Bollinger indicator at $31,776. 
 A break and close below this level could send BTC to the $30,000 psychological level, with a flip of this key level invalidating the current bullish outlook. 
 Meanwhile, with Bitcoin price trading within a weekly supply zone and with a strong bullish outlook, BTCMTX presents itself as a worthy buy. It provides entry into a stake-to-mine ecosystem, committed to making BTC ownership a reality even for the common folk. 
 
 <div class="rll-youtube-player" data-src="https://thebittimes.com/image/getimage/?url=https://www.youtube.com/embed/uxw3IbCAFZ8" data-id="uxw3IbCAFZ8" data-query="feature=oembed" data-alt="🚀 Stake Your Claim in Bitcoin Minetrix Mining! The Record-Smashing Launch That's Set to Skyrocket!"></div>
 <noscript>
 <iframe title="🚀 Stake Your Claim in Bitcoin Minetrix Mining! The Record-Smashing Launch That's Set to Skyrocket!" width="640" height="360" src="https://thebittimes.com/image/getimage/?url=https://www.youtube.com/embed/uxw3IbCAFZ8?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen></iframe>
 </noscript>
 
 <h2 id="promising-alternative-to-bitcoin">Promising Alternative To Bitcoin</h2> 
 BTCMTX is a worthy consideration for anyone looking to diversify his or her portfolio. The project revolutionizes cloud mining, decentralizing and tokenizing the entire process. In the absence of any third parties, swindles are reduced. 
 <blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 Streamlining $BTC mining through #BitcoinMinetrix. Revolutionizing cloud mining with an emphasis on security and transparency. 
 Making it straightforward in an unparalleled way. 🌟 pic.twitter.com/CHAwzvri0t 
 — Bitcoinminetrix (@bitcoinminetrix) December 9, 2023
 </blockquote> 
 
 Powering the Bitcoin Minetrix ecosystem, BTCMTX is selling for only $0.0121 in the current stage that’s due to end in about 24 hours. 
 <blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 #BitcoinMinetrix Stage 12 has now begun! ⛏️ 
 What's the most common misconception about #Cryptocurrency that you encounter? pic.twitter.com/sWHYbtczQB 
 — Bitcoinminetrix (@bitcoinminetrix) December 7, 2023
 </blockquote> 
 
 The Bitcoin Minetrix project presale is still ongoing, recording upwards of $5.151 million in the current stage, steadily edging towards the $5.828 million mark. 
 <blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 Exciting announcement! 🚨#BitcoinMinetrix has raised over $5,000,000! 
 To celebrate this milestone, we have prepared a special competition for our #CryptoCommunity. 🎉 
 Stay tuned as we will be sharing more information soon! pic.twitter.com/hwNGQ5kgYc 
 — Bitcoinminetrix (@bitcoinminetrix) December 7, 2023
 </blockquote> 
 
 Breaching the $5 million mark is no mean feat, which is why the BTCMTX has initiated a competition to celebrate the achievement. Participants are asked to create their most unique BTCMTX Christmas Graphic/Image or Video and share it. The top 3 submissions stand a chance to win a cash prize. 
 <blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 In celebration of achieving the 5M raise milestone, we're hosting a competition! 🎉 
 Create your most unique #BTCMTX Christmas Graphic/Image or Video. 🎨🎥🎄 
 Tweet, tag us, and include #BTCMTXCOMP in your entry. 
 The top 3 submissions stand a chance to win a cash prize. 🎁 pic.twitter.com/1nhsatlXUB 
 — Bitcoinminetrix (@bitcoinminetrix) December 8, 2023
 </blockquote> 
 
 Stake your BTCMTX tokens for credits, then redeem or burn these credits for mining hash power. All these are done within an enabling ecosystem that has simplified the process. 
 You do not require any technical training or expertise to understand or operate the platform. 
 Visit Bitcoin Minetrix website to buy BTCMTX in the presale here. 
 <h3 id="also-read">Also Read:</h3> 
 <ul> 
 <li>How To Buy Bitcoin Minetrix On Presale – Alessandro De Crypto Video Review</li> 
 <li>Bitcoin’s Continued Price Surge Signals a Positive Trend in the Bitcoin Minetrix Presale</li> 
 <li>Bitcoin Price Eyes $50,000 Amid Crypto Bull Run Surge As BTC Cloud Mining Token Bitcoin Minetrix Blasts Past $5M</li> 
 <li>Top Crypto Presales to Consider Ahead of the Next Bitcoin Halving – Bitcoin Minetrix, Meme Kombat, TG.Casino and Bitcoin ETF Token</li> 
 </ul> 
 Source: <a rel="dofollow" target="_blank" href="https://thebittimes.com/bitcoin-price-prediction-former-goldman-sachs-exec-predicts-btc-might-surge-as-high-as-200k-in-next-bull-run-so-brace-for-this-btc-derivative-s-explosive-rally-tbt73277.html">https://thebittimes.com/bitcoin-price-prediction-former-goldman-sachs-exec-predicts-btc-might-surge-as-high-as-200k-in-next-bull-run-so-brace-for-this-btc-derivative-s-explosive-rally-tbt73277.html</a>
</div>

Bitcoin Price Prediction: Former Goldman Sachs Exec Predicts BTC Might Surge As High As $200K In Next Bull Run, So Brace For this BTC Deriva...

Table of Contents

TheBitTimes

Other articles published on Dec 11, 2023

Cardano (ADA) vs Meme Moguls (MGLS) Price Prediction 2024: Evaluating Value and Growth Potential

Technical Analysis of Ethereum: Key Levels of Support and Resistance

Ripple Major Partner SBI Teams up With Second-Largest Global Company

US agency identified Bitcoin inscriptions as cybersecurity risk

Hut 8 Announces Record-Breaking Mining Capacity and BTC Reserves

Seasoned Crypto Trader Unveils Bull Run Investment Strategy for 2024

Join our free newsletter for daily crypto updates!