$120K Rally or $78K Dump – What’s Next?
The price of Bitcoin (BTC) above $100k, for the first time since its discovery earlier this month, is seen as one of the most important bullish milestones of the 2024/2025 bull market season. However, the crypto cash's accelerated drive into large- and mid-cap altcoins to prepare for a parabolic altcoin in 2025 has weighed on Bitcoin's previous bullishness.
The on-demand coin has fallen more than 14 percent over the past two weeks to trade at $93.3k in London's mid-day session on Monday, December 30. With Bitcoin price, on a daily timeframe, consistently closing below the 50 Moving Average (MA), it is safe to assume that short-term bears are dominant.
Medium term targets for Bitcoin price as a Brent chart
According to veteran trader Peter Brandt, Bitcoin price is hovering at a critical crossroads, which could lead to a rally to $120k or a further correction to the support level above $78k. In terms of corrections, Brandt highlighted that Bitcoin price may form a Head and Shoulders (H&S) pattern on a daily time frame.
In an interesting retracement view, Brandt noted that the price of Bitcoin could form the famous Hump Slump Bump Dump Pump (HSBDP) chart formation.
Market picture
Despite the short-term bearish outlook for Bitcoin, institutional investors – led by BlackRock IBIT and MicroStrategy Inc. According to an on-chain data analysis provided by Coinglass, the supply of Bitcoin on centralized exchanges has dropped to a multi-year low of around 2.24 million.
U.S. spot Bitcoin ETF issuers have recorded total net inflows of about $35.6 billion, so they currently hold total net assets of about $106.6 billion. However, Bitcoin's futures open interest (OI) market has dropped more than $7 billion in the past few weeks, hovering around $59 billion, reflecting fears of a midterm selloff.
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Questions to be asked
According to Coinpedia's BTC price forecast, 1 BTC could go up by $169,046.
In 2030, the price of 1 Bitcoin can reach a height of 610,646 dollars.
Projecting a 10-year boom in a volatile asset like Bitcoin seems like a far stretch. The value of BTC is expected to exceed $600,000 by 2030. With global adoption, Bitcoin can be worth 1 million dollars.
