Will Bitcoin hit $100K before December ends? Assessing…

• Bitcoin could be building up for a bullish move as ETFs and large holders maintain positive flows.
• Market sentiment continues sliding away from greed, but sell pressure remains relatively weak.

Bitcoin [BTC] has been demonstrating a lot of sideways activity in the last few days.

This is a classic scenario underpinning directional uncertainty as traders ponder on whether it is time for a major retracement, or perhaps whether BTC could push above $100,000 before the end of December.

A lot could happen before the end of December, but the latest Bitcoin activity may offer insights on what to expect this week.

BTC was off to a bearish start this week, with price dipping to a $94,816 press time level.  3.44% dip in the last two days.

Despite the slight dip, Bitcoin ETFs kicked off this week with net positive flows. Bitcoin ETF inflows were recorded at $353.6 million on Monday.

While this was relatively low compared to peak days, it was slightly higher than the positive flows recorded on Friday ($320 million).

The Positive ETF flows were also backed by another significant observation, underscoring potential buying pressure build-up.

Data from IntoTheBlock revealed that large holder flows grew from 102.4 BTC to 4,670 BTC between the 1st and the 2nd of December. This was after previously declining by a substantial margin from the 28th of November.

Source: IntoTheBlock

In contrast, large holder outflows grew from 560 BTC on the 1st of December to 1,620 BTC on the 2nd of December. Notably, less than half of the BTC inflows observed during the same period.

Is Bitcoin demand building up for another major rally?

The Bitcoin ETF inflows and large holder inflows could signal that demand is recovering gradually. However, prevailing demand was relatively weak and may explain why it was not matched by corresponding upside.

Instead, Bitcoin’s price action was in line with the declining market sentiment. The fear and greed index dipped from 80 to 76 in the last 24 hours, indicating a dip in bullish optimism.

Source: Alternative.me

Also in line with the above observation was the fact that open interest extended its downside into this week. This signaled a decline in demand for Bitcoin in the derivatives segment.

Despite this, Open Interest largely remained positive, a sign that although wild demand in November has cooled down, investors were not exactly in a hurry to sell.

This implies that investors remain cautiously optimistic about bullish prospects.

Read Bitcoin’s [BTC] Price Prediction 2024–2025

Nevertheless, it does not necessarily guarantee that Bitcoin holders will remain so for longer.

Extended period of weak bullish demand may lead to a buildup of bearish expectations, especially as price shifts towards more FUD.