What's ahead for Bitcoin price in December? | Credit: Hameem Sarwar
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Key Takeaways
Whale flipped from $91 million short to a major long position.
Falling exchange reserves support bullish supply conditions for BTC.
A break above $98,000 could pave the way for a move toward $100,000.
One day, you think the price will decrease. The next one, your prediction has gone wrong, now you have to switch.
This describes the story of a crypto whale that opened a $91 million Bitcoin (BTC).
But after Bitcoin’s price failed to go in the expected direction, he switched sides.
In this analysis, CCN reveals what the crypto whales are doing now. We also evaluated the coin’s technical setup to reveal its potential Bitcoin price prediction for December.
Bitcoin Traders Change Stance
On Nov. 27, Lookonchain reported that a whale had opened a $91 million short position on Bitcoin, betting on a price decline.
Not long after placing the trade, the entity closed the position for a $1.6 million loss.
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Shortly afterward, the same whale reversed its strategy and went long on Bitcoin, accumulating 1,000 BTC with a liquidation price set at $59,112.
This quick shift from short to long suggests the trader is positioning for a potential rebound, or at least expecting volatility to swing in favor of bullish momentum.
Typically, rising exchange reserves signal increasing selling pressure, as more coins being moved onto exchanges precede spot sell-offs.
However, what we’re seeing now is the opposite.
A drop in exchange reserves typically has a positive impact on price, as it indicates that less BTC is available for immediate sale.
This trend suggests that traders may be positioning for further gains, as the reduced supply on exchanges aligns with a more favorable environment for price stability or continued upward movement.
“The recent downtrend in Binance’s reserves could technically support another retest of the $110K level. The chart also shows that price continues to move within the upper band of a broad ascending channel. Combined with the current reserve drop, this structure makes a move toward $110K technically feasible,” PeliniaPA wrote via CryptoQuant
BTC Price Prediction: Trend Strengthens
On the daily chart, Bitcoin’s price is positioned on the verge of breaking above the upper trendline of its falling channel.
However, the bullish case hinges on the behavior of whales.
If large holders begin distributing into strength, this prediction could quickly shift. In a bearish turn, the Bitcoin December price prediction may see it retreat below $85,000.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Victor Olanrewaju is a crypto analyst and reporter at CCN with deep roots in on-chain research and technical analysis. His crypto journey began in 2017, but it was the 2020 Uniswap airdrop that sparked a full-time pivot into the space.
With a foundation in copywriting, Victor honed his craft creating high-converting content for leading crypto brokers — most notably an XRP price prediction that ranked #1 on Google during the 2021 bull run.
He later joined AMBCrypto in 2022, where he combined storytelling with technical and on-chain analysis to cover key market narratives.
In 2024, he expanded his expertise at BeInCrypto, collaborating with analysts and using tools like Glassnode, Santiment, and IntoTheBlock to break down Bitcoin and altcoin trends.
At CCN, Victor covers the top cryptocurrencies, memecoins, macro shifts, blending real-time insights with deep-dive metrics.
He holds a Bachelor’s degree in Physics from the University of Ibadan, equipping him to simplify complex data for a wide audience. Follow his work or connect on LinkedIn or X.
