Bitcoin experts caution of a potential further drop in price before hitting a new All-Time High (ATH)
In the world of cryptocurrency, the future of Bitcoin continues to be a topic of much interest and speculation. Here's a roundup of the latest expert analyses and market trends that shed light on what we might expect for Bitcoin's price movement in the coming year.
Analysts at K33 Research have pointed to a high likelihood of a bull run peak on January 17. As of December 29, 2024, Bitcoin is still trading above $93,650, having fallen an additional 0.5% over the past 24 hours, making a total decrease of 2.0% over the past 2 days. Bitcoin has approached the lower boundary of its corridor ($92,500-$99,500).
The Crypto Fear & Greed Index has fallen to 65 points, its lowest level since October 15, 2024. This index measures investor sentiment and fear levels in the crypto market, with a score below 50 indicating fear. As of December 29, 2024, the Crypto Fear & Greed Index remains at 65 points.
Technical analyst Peter Brandt suggested a potential Hump Slump Bump Dump Pump model for Bitcoin's price. This model, which describes a behavioural pattern of price phases, is not explicitly cited in the search results, but the general phases of bullish rises, corrections, and rebounds align with typical market cycles observed in Bitcoin's price.
The RSI index for Bitcoin has not yet reached oversold territory, suggesting that the current correction may not be over yet. As of December 29, 2024, the RSI index for Bitcoin has not yet reached oversold territory.
Analyst Axel Kibard has set a target at $80,000 for Bitcoin. He also expects a head and shoulders pattern to play out in Bitcoin, which is a bearish reversal pattern. However, as of December 29, 2024, it is unclear if the expected head and shoulders pattern in Bitcoin has developed further.
On the other hand, the long-term outlook for Bitcoin's price remains bullish. Bitcoin's price is currently within its corridor of $92,500-$99,500. Long-term models and institutional forecasts target $145,000 to $200,000 by year-end 2025, with some ultra-bullish models suggesting even higher prices.
The price of Bitcoin has broken below the 20-day moving average (DMA). Meanwhile, the 50 DMA for Bitcoin is approaching the $80,000 level. This could potentially indicate a shift in the short-term trend, but the overall bullish sentiment remains.
CryptoQuant founder Ki Young Ju agreed with Brandt's analysis. On December 26, 2024, 10x Research expressed expectations for increased volatility in Bitcoin. However, on December 29, 2024, QCP Capital predicted no Christmas rally for Bitcoin.
In summary, Bitcoin's price is currently around $112,000 and expected to reach around $130,000 by August-September 2025. Long-term models and institutional forecasts target $145,000 to $200,000 by year-end 2025, with some ultra-bullish models suggesting even higher prices. The market is undergoing typical phases involving rises ("Hump/Bump"), corrections ("Slump/Dump"), and renewed upward moves ("Pump"). The final stage of this 2025 price cycle, likely the last major price increase before a new larger correction or consolidation, may be completed by late 2025, after which the price dynamics could shift.
Bitcoin's price has approached the lower boundary of its corridor ($92,500-$99,500), indicating a potential correction in the finance sector. In the coming year, the price might reach around $130,000, according to expert analyses, demonstrating the ongoing interest and speculation in Bitcoin as a significant investment opportunity within the technology sector.
){kind=link}