Bitcoin may be gearing up for another rally, according to a widely followed trading metric. CryptoQuant analyst Burrakesmeci has highlighted the upward trend in Binance Bitcoin Taker Buy Volume, a key indicator that tracks buyer activity on the exchange.
As Bitcoin approaches the end of 2024, its ability to reclaim the $100,000 mark hinges on a combination of market sentiment, institutional interest, and broader economic conditions.
Higher Lows Signal Investor Interest
Since October 28, Binance Bitcoin Taker Buy Volume has been forming “higher lows,” a strong technical signal often associated with mounting buying pressure and increased investor interest.
Taker Buy Volume measures the total volume of buy orders executed by “takers,” or traders willing to accept the market’s best immediate price. On December 1, the volume fell below $5 billion but gradually climbed to just under $6 billion by mid-December. As of December 25, the figure was holding steady at approximately $6 billion.
“These higher lows suggest that investor sentiment is building toward another potential price increase for Bitcoin,” Burrakesmeci commented. Despite market corrections, this sustained rise in taker buy volume could pave the way for upward momentum in the days ahead.
Comparisons to 2023
Currently trading at $96,222, Bitcoin is down 11.2% from its all-time high of $108,300 recorded on December 17. It last crossed the $100,000 level on December 19 but has struggled to maintain momentum amid market fluctuations.
Analysts and traders are drawing parallels between Bitcoin’s recent price movements and its trajectory in December 2023, a period marked by substantial gains following the approval of spot Bitcoin ETFs in January.
Last year, Bitcoin surged nearly 90% in the three months following the ETF approvals, fueling hopes that a similar pattern may unfold. Pseudonymous trader Jack, in a December 26 post on X, observed striking similarities in Bitcoin’s price action between the two periods. Another analyst, Titan of Crypto, also stated that the current chart pattern seems to mirror late 2023’s movements, albeit on an accelerated timeline.
While no guarantees exist, these technical signals and historical trends are encouraging some traders to anticipate a bullish close to the year.
