The Crypto fraternity is having a keen look at the current position of Bitcoin to evaluate when the flagship asset would commence with the next bull run. Especially, folks across the space are pretty ecstatic to know the approximate BTC’s price on 31st December. Though there is a possibility of a price death cross, stats signify a bullish outlook.
A crypto metric platform IntotheBlock confirms a decent upsurge in the accumulation of the asset. Especially, coins moving out of exchanges are dominating with massive buy orders worth $7.65 billion over the past week. Whilst net network growth and cash flow remain bullish, a rise in Open Interest, Miners Confidence, and Cash Inflow would further catalyze the price action.
Will Bitcoin Price Hit $54k Or $48k On December 31st?
Bitcoin price has been trading within a narrow range-bound scale between $46k to $49k. Although there have been signs of bullish divergence, the asset needs to cross certain barriers. A crypto metric platform Cryptoquant has exposed the potential options expiry worth of $24 billion on December 31st.
The flagship asset’s hash rate has taken a leap to a new ATH. Meanwhile, miners are showing massive confidence toward the asset by holding their BTC. Miner’s reserve has seen a gradual rise since mid-November.
Besides, Open interest has been rising up with more volumes. Therefore, initially the market could make an upward move to liquidate shorts, approximately up to $54k. Then it would flip to liquidate the longs south to $40k. Eventually, as $24 billion options expire on the 31st of December, the asset would experience a slight pullback. As a whole. the platform is hopeful of BTC’s price reaching $48k by the year’s end.
Collectively, the on-chain outlook for Bitcoin price action remains bullish. If options expiry impacts the price action by the year’s end, then it would experience a short pullback. Otherwise, the flagship asset is expected to continue the Santa Claus rally to make the new year more special for Bitcoiners.