Daily confirmed Bitcoin payments have reached a yearly low, illustrating reduced network activity during the holiday season. Data from Blockchain.com shows that confirmed payments dropped to 623,434 on December 26, marking the lowest point of 2024. This contrasts with the 857,000 payments on December 17, when Bitcoin's price surged past its all-time high of $108,000.
Confirmed Bitcoin payments are irreversible transactions recorded on the blockchain, serving as a metric to gauge investor activity. The current dip highlights the impact of holiday illiquidity, a period characterized by reduced institutional trading.
Despite this slowdown, market analysts remain optimistic about Bitcoin’s near-term recovery. Predictions suggest a potential price rebound above $105,000 after the holiday period as market activity resumes.
According to Ryan Lee, Chief Analyst at Bitget Research, Bitcoin is likely to trade between $94,000 and $105,000 this week, with Donald Trump’s upcoming inauguration on January 20, 2025, expected to act as a significant catalyst for market momentum.
Weak social sentiment around Bitcoin, marked by a low ratio of positive to negative comments, further signals a potential contrarian price breakout, as noted by Santiment. Historically, Bitcoin price corrections during periods of low sentiment have preceded sharp recoveries, adding to the optimism for a strong start to 2025, according to Cointelegraph.
