2024-12-14 07:42:54
Here’s Why Reaching $110,000 By the Year End Is Very Important for the Bitcoin (BTC) Price Rally
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The post Here’s Why Reaching $110,000 By the Year End Is Very Important for the Bitcoin (BTC) Price Rally appeared first on Coinpedia Fintech News While Bitcoin has begun to display strength, spot ETF inflows have swelled, with $428.98 million recorded last trading day and $393 million since the start of the day’s trade. Besides, MicroStrategy has entered the Nasdaq 100, primarily led by more than $42 billion in BTC and over $550 billion in ETF assets, which is believed to be a big win for Bitcoin adoption. In this case, it is not only important for the BTC price to sustain above $100K but to achieve new highs before the end of the year. BTC’s dominance is rising again, while the inclusion of MicroStratergy is expected to have a wider adoption, inviting more buying pressure. Meanwhile, the recent BTC price movements show that psychologically, people are finding it difficult to buy the token at $100,000. A strong squeeze on the BTC chart indicates the weakness of the buyers and validates the above claim. Therefore, the price is believed to chop around the levels for a while before going higher before the end of the year. If the BTC price closes below $100K by the end of the year, how will the markets begin the 2025 trade? The short-term price action of BTC suggests the bulls are trying hard to keep up the bullish trend, mainly utilising all their strength to keep the price over $100K. The rally trading within the symmetrical triangle displays both bullish and bearish possibilities while the volume remains within a decent range. The price hovers in and out of the 50-day MA in the short term which has been a strong support at the moment. On the other hand, the RSI remains consolidated within a parallel channel since the start of the month. Therefore, the price is expected to maintain an ascending consolidation and reach the apex in the coming week. Besides, the bulls are exhibiting some more power compared to the bears which suggests the selling pressure may not hinder the progress of the rally. Therefore, the price is expected to test the ATH in the next 4 to 5 days which could also test the stability of the bulls. If they manage to withstand the bearish pressure at these levels, then a breakout from the pattern may enable the token to rise above $105K and eventually push the price above $108K to $110K by the end of the year. If the bulls fail to do so, then a similar drag below $98,000 may be expected. As long as the RSI remains within the range and the 50-day MA acts as strong support, then the possibility of a new ATH remains evident. Otherwise, a bearish start for 2025 could slightly delay the formation of new highs but cannot refrain as 2025 is expected to be the bullish year for the entire crypto space.