“Don’t sell your Bitcoins yet”: Analysts say BTC price will hit $117,000 once this level is reached

Bitcoin price has continued its consolidation course below the $99,000 price level, but investors remain determined to break the six-figure region. Analysis on the TradingView platform reflects this bullish sentiment, with crypto analyst Waslad advising investors to hold on to their BTC.

BTC’s bullish development within a widening wedge pattern

As emphasized the analystSince the beginning of November, Bitcoin price has been trading in a widening wedge pattern. This technical structure was highlighted by a series of higher highs and higher lows. Waslad’s analysis focuses on BTC price movement within this widening wedge pattern, with the target well above the $100,000 level.

However, the analyst highlighted the $99,600 price level as the biggest obstacle preventing Bitcoin price from hitting $100,000. A successful breakout above this level would not only boost investor confidence but also set the stage for Bitcoin price to reach its next major price target of $100,000.

The analyst recommends accumulating BTC again within its current trading range, suggesting that the $99,600 level serves as an ideal ceiling for those looking to capitalize on the expected breakout. Should BTC clear the $99,600 resistance, Weslad predicted a strong recovery, with Bitcoin price reaching the $115,000-$117,000 range. This represents an increase of 19% and 21% respectively over the current Bitcoin price. This forecast is in line with the general market sentiment as many traders expect further upside in the current bullish cycle.

Risky moves for Bitcoin

Despite the bullish sentiment surrounding Bitcoin price, recent momentum among holders has increased, which could increase selling pressure. In particular, on-chain data has drawn attention to a significant US government transaction, which moved approximately 20,000 BTC worth around $1.92 billion at current market prices in Coinbase wallets.

Such a move has raised concerns about an impending sell-off by the US government, which could increase selling pressure in the near term. This, in turn, could derail BTC’s push towards $100,000, at least in the short term.

Nevertheless, such a sell-off would be easily absorbed by the US government current buying dynamics around BTC. A key driver of this demand has been the inflow of funds into spot Bitcoin ETFs. Data from CryptoQuant shows that demand for Bitcoin ETFs is just as strong as when they were first approved this year. Accordingly Data from SoSoValueSpot Bitcoin ETFs are currently seeing inflows for four consecutive days, with $675.97 million worth of inflows on December 3rd.

This dynamic suggests that Bitcoin price is still on track to reach $100,000 before the end of the year. At the time of writing, BTC was trading at $96,668, up about 1% in the last 24 hours.

Featured image created with Dall.E, chart from Tradingview.com