Bitcoin is Flying: What Do Analysts and Binance CEO Expect?

As the first week of December ended, Bitcoin went on an impressive rise, surpassing the $44,000 mark and reaching the highest level of the year. The crypto giant’s rise to $44,000 over the weekend triggered a liquidation wave, leaving short sellers in a difficult situation. Analysts are optimistic that the year will close with a rise, and predictions go up to $48,000. Amid this excitement, prominent Bitcoin maximalist Max Keiser is ramping up the anticipation with a bold prediction of a $100,000 “God Candle” in the current cycle. In addition, following Changpeng Zhao’s departure from Binance, newly appointed CEO Richard Teng offered insights into the current state of the industry.

Bitcoin triggered a wave of liquidations

Bitcoin’s rise above $44,000, a level not seen since April 2022, has excited the crypto community. According to data from CoinGlass, the rapid price movement resulted in approximately $72.3 million in short liquidations. Although there was a slight pullback to $43,834 at the time of writing, momentum remains strong, fueled by positive macroeconomic factors and historical trends.

Analysts are pointing to a potential bullish close for December, with a target of $48,000 in sight. A prominent analyst, “HTL-NL”, suggests that there is a 75% chance of achieving this goal. Historical data highlighted by analyst Ali Martinez shows a correlation between strong October and November performances and a December rally. However, Martinez warns that a pullback could be on the horizon in the next 48 hours, based on the TD Sequential indicator.

Max Keizer predicts $100,000

Bitcoin maximalist Max Keizer, who serves as senior Bitcoin advisor to El Salvador President Nayib Bukele, is making headlines with a bold prediction. Keizer coined the concept of the “God Candle,” predicting a $100,000 increase in Bitcoin price that would “literally shock the world.” This prediction comes amid speculation about the approval of the Bitcoin ETF and Bitcoin’s halving event in the second quarter of 2024.

As we at Kriptokoin.com reported, Keizer’s history also includes a previous prediction based on hash rate adjustments in which he predicted BTC would reach $220,000 in 2021. Other analysts, such as Dan Lim, point to the current “strong bull zone”, pointing to the potential for new capital inflows and minimal losses in a widespread rally. The general sentiment suggests that the crypto market is on the verge of a significant rally.

How does Richard Teng view the BTC rally?

Following Changpeng Zhao’s departure from Binance, newly appointed CEO Richard Teng broke his silence on the current state of the market, adding a new perspective to the ongoing Bitcoin rally. In his statement, Teng stated that the market has started to warm up after the recent fluctuations. Teng also highlighted the challenges of changing preconceptions about the benefits of the crypto industry. According to him, the sector has provided significant benefits to many people who were previously unable to enter the investment sector due to the high costs associated with traditional financial services. Teng concluded his remarks by giving a message of continuous improvement and signaling optimism for the future.

What’s next for Bitcoin?

Bitcoin’s recent surge above $44,000, reaching a 19-month high, has triggered several predictions about its future trajectory. Specifically, Bloomberg analysts suggest a potential range between $50,000 and $500,000. The market remains cautiously optimistic, driven by fundamentals such as macroeconomic factors and anticipation of ETF approvals. Although the rally is seen as more important than in 2021, cautious notes are being made. Coinbase acknowledges the potential for a BTC spot ETF to attract billions, but warnings remain that a drop below $31,000 could lead to a significant correction and reduce Bitcoin’s value to around $29,000.

Is it the beginning of the next “super-cycle”?

Some analysts urge caution, emphasizing that the current rally is “earned” growth compared to 2021. Factors contributing to the increase include macroeconomic conditions, the Fed’s stance on inflation, and the potential approval of a BTC spot ETF by investment giants such as BlackRock. While Bitcoin enthusiasts and traders eagerly await developments, the crypto market continues to remain in high excitement. The coming days will reveal whether Bitcoin’s trajectory is in line with bullish predictions or whether cautious signals will lead to a temporary pullback.