Bitcoin (BTC) has faced a slight setback in its recent upward trajectory, struggling to rally to the highly anticipated $100,000 price mark. The cryptocurrency has been consolidating below this mark for the past few days, leaving investors speculating about its near-term price movement.

However, a number of prominent crypto analysts remain optimistic about Bitcoin’s prospects in December. This analysis explores some of their forecasts. 

Bitcoin May Climb Above $100,000, Analysts Say

According to Juan Pellicer, a Senior Researcher at IntoTheBlock, December will be bullish for Bitcoin. This bullish bias will be propelled by “unprecedented institutional demand through Bitcoin ETF inflows,” which will drive the coin’s price above $100,000.

“We are observing a highly bullish scenario for Bitcoin as we approach December, primarily driven by unprecedented institutional demand through Bitcoin ETF inflows. This surge in institutional participation, coupled with a noticeable easing of macroeconomic pressures, positions BTC favorably for a $100K breakout. The current market structure suggests strong accumulation phases,” the analyst told BeInCrypto.

Interestingly, BTC ETFs have recorded net outflows this week for the first time in two months. According to SoSoValue, outflows from these funds have totaled $458 million. This decline comes on the heels of a significant drop in BTC’s price, which saw it trading as low as $92,000 earlier this week. This price pullback may have prompted institutional investors to pull funds from these ETFs in response to the market shift.

Nevertheless, another analyst, Brian Quinlivan, Lead Analyst at Santiment, has predicted a bullish December for Bitcoin. According to Quinlivan, Bitcoin whales will drive this growth if they continue to accumulate the king coin.

“Bitcoin’s key stakeholders (10+ BTC wallets) have accumulated 63,922 more BTC in November alone, worth $6.06B. Even with the top hitting on Friday, they haven’t slowed down their accumulation pace whatsoever. This should be considered a positive sign that this mild dip is simply a mini retracement designed to shake out weaker hands and traders who bought at $98K/$99K,” Quinlivan said.

BTC Price Prediction: This Support Floor Is Key

However, while also acquiescing that Bitcoin’s price may rally above $100,000 in December, Julio Moreno, Head of Research at CryptoQuant, noted that the coin may face a short-term resistance at $105,000. 

According to Moreno, an assessment of BTC’s on-chain realized price bands revealed that the price band near $105,000 (max band) was a significant resistance level back in March when Bitcoin briefly reached $74,000. This historical resistance may now influence the coin’s future price action.

This means that once BTC’s price nears this max band around $105,000, it may witness a pullback.

Bitcoin currently trades at $96,795. For the $100,000 predictions to materialize, the coin has to reclaim its all-time high of $99,588, which has become a resistance level, and flip it into a support floor. If this happens, the coin may rally above $100,000 in December.

On the other hand, if selling pressure spikes, BTC’s price may decline toward $88,986, invalidating the analysts’ bullish projections.

For weeks, altcoins have hinted at a potential breakout, with signs they may soon outperform Bitcoin (BTC), which has dominated the market for most of the year. However, not all the most talked-about altcoins trending today have seen price gains in the last 24 hours.

While some have shown strong performance, others have lagged behind. According to CoinGecko, today’s top trending altcoins include Hyperliquid (HYPE), (VIRTUAL), and Vector Smart Gas (VSG).

Hyperliquid (HYPE)

Hyperliquid is a Layer-1 blockchain that facilitates trading on its decentralized perpetual exchange and has a native token with the ticker “HYPE.” HYPE is one of the top altcoins trending today. Basically, it has its Token Generation Event (TGE) today and airdropped some tokens to its early users.

According to the project, the airdropped tokens represent 31% of its total supply, which equals 310 million tokens. At press time, HYPE’s price trades around $3.81 and has yet to be listed on any centralized exchange.

However, there is speculation that HYPE might soon be listed on tier-1 and tier-2 exchanges. If this happens, the trading volume might increase, and the price is likely to jump.

Virtuals Protocol  (VIRTUAL)

Virtuals Protcol is a project operating on the Base network, focusing on Artificial Intelligence (AI) and the Metaverse narrative. VIRTUAL, its native cryptocurrency, is one of the most talked-about altcoins trending today because its price has increased by 50% in the last 24 hours.

This development is similar to the recent hike in the prices of Metaverse tokens, including The Sandbox (SAND) and Decentraland (MANA). As of this writing, VIRTUAL’s price is $1.36.

The daily chart shows that the Moving Average Convergence Divergence (MACD) reading has increased, indicating bullish momentum around the cryptocurrency. If this continues, the price could rally above $1.56.

On the other hand, if the hype around Metaverse tokens subsides and selling pressure increases, this might not happen. Instead, VIRTUAL’s value could drop to $0.52.

Vector Smart Gas (VSG)

Like Hyperliquid, Vector Smart Gas (VSG) is not listed on any centralized exchange. The token, which is built on Ethereum, was among the trending altcoins on November 27. Its appearance on the list again suggests that interest in the token is still present.

However, unlike the last time, VSG’s price did not increase but has seen a 13.50% decrease in the last 24 hours.  This decline could be linked to rising selling pressure which the volume on the daily chart showed has increased.

Should this remain the case, then VSG’s price might drop from $0.0057 to $0.0037. However, if buying pressure increases, this might not be the case. In that scenario, the altcoin could bounce to $0.0071.

Algorand’s price has surged 19% over the past 24 hours, making it the market’s top gainer. The double-digit price rally has pushed the altcoin’s price to a two-year high of $0.34.

With strengthening trading activity, the ALGO token price may attempt to rally above $1 for the first time since 2022. This analysis delves into why that is possible. 

Algorand Open Interest Hits All-Time High

A rise in open interest has accompanied ALGO’s double-digit price hike. This has rallied by 28% over the past 24 hours and is currently at an all-time high of $81 million. 

Open interest measures the total number of outstanding contracts (futures or options) in an asset’s derivatives market and shows the level of trader participation. When it spikes during a price rally, it suggests increased market confidence and participation. It indicates that the rally is backed by strong demand and hints at sustained price growth.

Moreover, ALGO’s Moving Average Convergence Divergence (MACD) indicator observed on a daily chart confirms this bullish outlook. At press time, the altcoin’s MACD line (blue) rests atop its signal line.

This indicator measures an asset’s price trends and momentum and identifies potential reversal points. As in ALGO’s case, when the MACD line is above the signal line, the asset’s price is experiencing upward momentum, signaling a buying opportunity. This crossover indicates that short-term gains are outpacing long-term trends, reflecting positive market sentiment.

ALGO Price Prediction: $1 May Be Within Reach

Currently priced at $0.34, ALGO is holding steady above crucial support at $0.30. If this level strengthens as a solid support floor, it could drive the altcoin toward $0.47. A breakout above this resistance could potentially push it past the $0.50 mark and bring $1 into view. 

However, a shift in market sentiment could invalidate this bullish outlook. Increased selling pressure could cause the ALGO token price to shed its recent gains, pushing it below support at $0.30 and potentially sending it toward $0.08.