Will the Price Rally Beyond $100k?
As December comes to an end, Analyst Cryptoros Reflecting the last few days of the month for Bitcoin and other cryptocurrencies. Despite expectations of “Santa Claus rallies,” the market remains relatively stagnant. Bitcoin surged on Christmas Eve, hitting the $100,000 mark before falling back to where it is currently hovering around $94,000.
A look back at 2024 and the market’s surprising moves
Historically, Bitcoin has seen a pattern of rising prices entering January after breaking through the previous cycle high. This will be the case in 2016, 2020, and 2023. But what’s different this year?
In March 2024, just months before the expected halving event, Bitcoin surpassed its all-time high of $69,000 for the first time ever. This early surge surprised many, but according to analysts, it’s a sign that the market is ahead of its typical cycle. Although there has been some consolidation over the past few months, there is no reason to be bearish. In fact, Crypto Rus believes the real action may come in 2025.
Why December isn’t the month we expected
Despite a strong start to December, Bitcoin’s performance has plateaued. “The first two weeks of December have been great,” Rus said, noting the record highs. However, there has been some slowdown in the second half of the month, with some profit-taking and tax harvesting potentially causing the market to stall.
He attributed the lack of “Santa Claus rallies” 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 ahead to the new year, Ross is very bullish on Bitcoin’s potential. With the full impact of the Bitcoin supply shock taking effect, and large institutional players like BlackRock now owning over 2% of the Bitcoin supply, the stage is set for a big bull run in 2025. Rus believes increased buying by these entities will drive up prices in the short term but could pose challenges to decentralization in the longer term.
At the time of writing, Bitcoin is trading just above the $94,000 mark, and it remains to be seen whether bulls will push the price above $100,000 in the next 24 hours.
