CoinInsight360.com logo CoinInsight360.com logo
A company that is changing the way the world mines bitcoin

WallStreet Forex Robot 3.0
coinpedia 2024-12-30 18:21:01

Bitcoin’s Final Days of 2024: Will the Price Rally Beyond $100k?

The post Bitcoin’s Final Days of 2024: Will the Price Rally Beyond $100k? appeared first on Coinpedia Fintech News As December comes to a close, analyst Crypto Rus reflects on what the final days of the month might hold for Bitcoin and other cryptocurrencies. Despite the anticipation of a “Santa Rally,” the market has remained relatively stagnant. Bitcoin saw a surge just before Christmas, touching the $100,000 mark before falling back to around $94,000, where it currently hovers. A Look Back at 2024 and the Market’s Surprising Move Historically, Bitcoin has seen a pattern of price increases heading into January after breaking previous cycle highs. This was the case in 2016, 2020, and 2023. But what’s different this year? For the first time ever, Bitcoin broke its previous all-time high of $69,000 in March 2024, months before the anticipated halving event. This early surge caught many by surprise, but according to the analyst, it’s a sign of how the market is ahead of the typical cycle. While the past few months have seen some consolidation, there’s no reason to be bearish. In fact, Crypto Rus believes the real action may be coming in 2025. Why December Wasn’t the Month We Expected Despite a strong start to December, Bitcoin’s performance has plateaued. “The first two weeks of December were fantastic,” says Rus, pointing to consistent new highs being set. However, the latter half of the month has seen a bit of a slowdown, with some profit-taking and tax harvesting likely contributing to the market’s stagnation. He attributes the lack of a “Santa Rally” to the fact that Bitcoin has already experienced significant gains this year and is simply ahead of the usual cycle. Looking Ahead to 2025: Big Moves for Bitcoin Looking into the new year, Rus is extremely bullish about Bitcoin’s potential. With Bitcoin’s supply shock in full effect and large institutional players like BlackRock now owning over 2% of Bitcoin’s supply, the stage is set for a major bull run in 2025. Rus believes that these entities’ increased purchases will drive prices higher in the short term, but in the long run, it could pose a challenge for decentralization. At the time of writing, Bitcoin is slightly trading above the $94k mark and it remains to be seen if the bulls will push the price beyond $100k in the next 24 hours.

Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.