As we approach the end of December, it’s a good time to reflect on the current state of the cryptocurrency market, particularly Bitcoin, and what the future might hold. Analyst Crypto Rus has been closely monitoring the market, and despite initial hopes for a “Santa Rally,” the market has been relatively stagnant. Bitcoin did experience a surge just before Christmas, briefly touching the $100,000 mark before retracting to around $94,000, where it currently stands.
Reflecting on the year 2024, it’s clear that Bitcoin has deviated from its usual patterns. Instead of seeing price increases leading into January after breaking previous cycle highs, Bitcoin smashed through its previous all-time high of $69,000 in March, months ahead of the anticipated halving event. This unexpected surge caught many off guard, but according to Crypto Rus, it indicates that the market is operating ahead of the typical cycle. While there has been some consolidation in recent months, there is optimism for what 2025 may bring.
The month of December hasn’t unfolded as expected, with Bitcoin’s performance plateauing after a strong start. The first two weeks showed promise with consistent new highs being set, but the latter half has seen a slowdown, attributed to profit-taking and tax harvesting. The absence of a “Santa Rally” can be chalked up to Bitcoin already experiencing significant gains this year and being ahead of its usual cycle.
Looking ahead to 2025, Crypto Rus is bullish on Bitcoin’s prospects. With the supply shock in full effect and major institutional players like BlackRock holding a significant portion of Bitcoin’s supply, the stage is set for a significant bull run. While these institutional purchases may drive prices up in the short term, there are concerns about the impact on decentralization in the long run.
As of now, Bitcoin is trading slightly above $94,000, and the question remains whether the bulls will push the price past $100,000 in the coming days. The cryptocurrency market is always full of surprises, and 2025 looks to be no exception. Stay tuned for more updates on Bitcoin and other cryptocurrencies as we head into the new year.