Is Bitcoin’s Bull Run Re-Instigated? Will BTC Price Reach New ATH by End of 2024?
As the crypto market participants eagerly await answers to these questions, the recent rise in Bitcoin’s price has sparked optimism among investors. Despite facing resistance at the $100K mark, the bulls have shown resilience in their attempt to push the price higher. With a Christmas rally in sight, many are hopeful that Bitcoin will reach new all-time highs by the end of the year.
While Bitcoin’s price has been fluctuating, the market saw a significant sell-off in spot ETFs, with BlackRock leading the way by selling over $188 million worth of BTC. This sell-off, coupled with a total peak of $338 million, caused the price to dip from $94,000 to $99,000. However, institutions like BlackRock and Fidelity still hold a substantial amount of Bitcoin, totaling over $50 billion, which could support the bullish sentiment in the market.
In the short term, the BTC price is expected to experience a minor pullback as the stochastic RSI indicates oversold levels. Additionally, the DMI levels are on the verge of a bearish crossover following a bullish one, signaling a potential drop in price to below $96,000 in the coming days. However, this pullback could present an opportunity for investors to accumulate at lower levels.
With the end of the year approaching, the crypto markets typically see an increase in buying volume. Despite this, the current volume remains relatively low, indicating a lack of bullish participation. A surge in volume is necessary to trigger the much-needed volatility for a healthy bullish finish to the year, potentially pushing Bitcoin’s price above $100K.