Bitcoin Flirts With $44K as Bulls Bet on $48K Year-End Price

• Bitcoin has tapped the $44k price point for the first time in 20 months.
• The asset’s blistering run has left short sellers wrecked.
• Analysts anticipate that prices will still run higher before the year ends.

Amid spot ETF approval anticipation and favorable macroeconomic tailwinds, Bitcoin has kicked off December 2023 with a bang. Over the weekend, the asset breached the $40k price point and has not looked back.

The asset has now tapped another yearly high, continuing this blistering run while leaving a trail of liquidations in its wake as short sellers get burnt.

Bitcoin Triggers Wave of Liquidations in Run to $44k

In the last few hours, Bitcoin has lightly tapped the $44k price point for the first time since April 2022 before retracing to trade at $43,834 per CoinMarketCap data at the time of writing.

In the past 24 hours, the blistering run has unsurprisingly left a trail of short liquidations in its wake. Specifically, CoinGlass data suggests that Bitcoin’s run has led to $72.3 million in short liquidations within the period.

The recent upward momentum comes as analysts expect a bullish close to December, backed by price action and historical antecedents.

Bulls Eye $48k

Several analysts predict that Bitcoin will likely end the year at $48k. On Monday, December 4, one of these analysts, “HTL-NL,” contended that there was a 75% chance that the asset would hit this target.

I give us a 75% chance of seeing a xmas rally. Target? At least 48K. If we get a major rejection there, I would be happy, but also surprised. Maybe to 40K, but anything lower would be a very unexpected gift to me. pic.twitter.com/bAzoc5cRVb

— HTL-NL 🇳🇱 (@htltimor) December 4, 2023

History is on the side of these predictions. Prominent analyst Ali Martinez recently noted that in the last four instances where Bitcoin performed well in October and November, it also experienced a bullish December. The asset is already up 16% within the month at current prices.

History might be hinting at what's next for #Bitcoin!

In the last four instances, a strong $BTC performance in October and November was followed by a bullish December. If this trend keeps up, prepare for a bullish December! pic.twitter.com/euHMgMZtNy

— Ali (@ali_charts) December 4, 2023

Bitcoin’s December run, however, is unlikely to be uninterrupted. Martinez recently noted that the asset would likely experience a pullback in the next 48 hours, citing the TD Sequential indicator on the daily and three-day chart.

On the Flipside

• Bitcoin remains 37% below its all-time high.

Why This Matters

The broader crypto market tends to move in lockstep with Bitcoin. The asset’s recent momentum suggests that bulls are firmly in control. 

Read this for more about Bitcoin’s price movements:
Unpacking the Bitcoin Rally: What’s Driving the Surge?

Find out what is driving the recent surge in Polygon NFT sales volume:
Here’s Why Polygon’s NFT Sales Volume Is Up Over 150%