Cryptocurrency market today, December 3: Bitcoin's strong fluctuations are identical to Google stock

(NLDO) - Experts say Bitcoin may be preparing for a final rally to a new high before entering a correction cycle.

On the evening of December 3, the cryptocurrency market recorded a strong recovery. Data from the OKX exchange showed that in the past 24 hours, Bitcoin increased by more than 6%, trading around $93,000.

Many other cryptocurrencies also increased, such as Solana increased more than 10% to 142 USD; Ethereum increased nearly 10% to 3,080 USD; BNB increased more than 7% to 902 USD; XRP increased nearly 7% to 2.1 USD.

According to Cointelegraph , macro expert Gert Van Lagen said a familiar signal has just appeared on Bitcoin's long-term chart, which often signals the possibility of a very strong uptrend.

This signal comes from the indicator that measures the spread between the upper and lower price limits, showing the volatility of the market. The indicator is currently at an all-time low on the monthly timeframe.

Bitcoin is rising strongly to the $93,000 region Source: OKX

History shows that every time this index falls to extreme lows, Bitcoin usually enters a period of strong growth.

"In the past, every time this signal appeared, Bitcoin price increased rapidly in a vertical form," Van Lagen commented.

He cited the example of early November 2023, when a similar signal appeared and Bitcoin price then doubled in just four months.

According to Van Lagen, Bitcoin may now be preparing for one final rally to new highs before entering a correction cycle.

He said the current price pattern “resembles Google stock before the last rally just before the 2008 financial crisis,” where volatility tapered off and then broke down, leading to a sharp move to the downside.

However, the market remains cautious this week before there are clearer confirmation signals.

Bitcoin prices hit a more than two-week high today, approaching $94,000 following rumors that the US could appoint a Federal Reserve chairman with a more open view on the cryptocurrency industry.

Trader Daan Crypto Trades said Bitcoin has formed a new higher high and a new higher low, indicating that the short-term uptrend has returned. However, he said that Bitcoin's ability to maintain the current price range should be monitored to confirm the bullish momentum is sustainable.

Another important factor is the price zone around $93,500 – the opening level of 2025.

Rekt Capital experts believe that Bitcoin still has a month to increase by about 2% to close the year above the $93,500 mark, thereby keeping the 2025 candle to end in the green.

Source: https://nld.com.vn/thi-truong-tien-so-hom-nay-3-12-bien-dong-manh-cua-bitcoin-giong-het-co-phieu-google-196251203202201967.htm