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.