Bitcoin Bull Run to Reach $115K Before Entering Bear Market Is Yet to Mark Peak-BTC Price

As the markets head towards the end of the annual trading session, the price of Bitcoin will increase rapidly and will top $95,000. With a significant increase in buying pressure, the star token is believed to stage a strong rally ahead of the yearly close. In the past, there has been a significant increase in institutional demand, resulting in a significant drain on foreign exchange reserves.

BTC currency reserves have been declining since the beginning of the year and are currently at levels not seen since 2016. This may be a sign of bullishness, but they can play a big role in keeping around a million BTC with the institutions. The next price action. Meanwhile, the price is trying to rise above the ongoing consolidation and a bullish close above a certain range could extend the bull run to the next bull run high.

A historical price pattern that remains firm in an ascending parallel channel suggests that the price is in the middle of a bull run. The RSI pattern indicates that the levels are yet to rise above 90, suggesting that the token has more room to rally. During each bull run in 2014, 2018 or 2021, the monthly RSI peaked near 94. It was limited to 76 or 77, indicating that the peak of the bull run has yet to be reached.

Meanwhile, the levels remain in the overbought zone, which keeps a bigger view for the performance. The price of BTC rose more than 3% above the annual level of $95,000, while the weekly trading remains in the bearish range. However, there has been a significant increase in stable coin reserves of around $45 billion. Therefore, the January 2025 price action is expected to be explosive, with expectations to reach $120k.