Bitcoin (BTC) Approaching $100,000 in Weekend Trade

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Earlier today, the price of Bitcoin reached an intraday high of $98,481 before paring some gains.

Bulls are determinedly working to restore the price back up to $100,000, following their recovery from a significant fall to approximately $91,000 on December 30th.

In a recent post on X social media platform, renowned pseudonymous trader DonAlt, who boasts a following of approximately 650,000, highlighted that Bitcoin had an exceptional week. Yet, he issued a word of warning to traders, stating that the digital currency was treading close to a potentially risky point. “If it breaks this level, it could lead to a domino effect. I’d prefer to witness it break before getting overly optimistic,” he added.

According to U.Today, certain analysts have cautioned traders regarding Bitcoin’s potential for further rallies due to its decreasing trading activity. For Bitcoin to see another significant surge, it requires a substantial volume of trades.

Bitcoin peaked at $108,364 on Dec. 17 on the Bitstamp exchange before seeing a 16% correction.

During a bull market, such-sized corrections are typically expected, but they do spark worries about the potential for a sudden shift in market direction.

The supporters of Bitcoin experienced a substantial setback when the U.S. Federal Reserve shifted towards a more aggressive stance, suggesting they would reduce the number of interest rate reductions.

Additionally, the primary cryptocurrency displayed a “moon-shaped” candle on its monthly graph, often considered a bearish indicator for buyers. Historically, such candles have been preceded by significant price declines.

Even though there may be some negative factors influencing Bitcoin’s growth this year, many experts still anticipate it will exceed its performance for the year. For example, Anthony Scaramucci from SkyBridge Capital has predicted that Bitcoin could reach up to $250,000 by 2025.

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2025-01-05 13:54