On December 17, 2024, Bitcoin made an important breakout at $108,268,44 opening the path toward the target price of $120,000 by the end of the year. This forecast is based on in-depth technical analysis considering several key factors, including historical prices, technical indicators, and the current economic conditions. Although both December 20 and 21, 2024, are highly likely, the forecast suggests that December 21 is the most probable day for reaching the target price.
Bitcoin Technical Analysis:
1. Resistance Breakout: In the past few days, we have seen a strong breakout of the resistance level at $103,000. Such a move indicates that the cryptocurrency is heading toward new levels. By examining Bitcoin's historical movements, it’s clear that breaking resistance often leads to a significant price increase in the following days.
2. Relative Strength Index (RSI): The RSI continues to register high values above 50, indicating that the market is not yet overbought. This means there is room for the price to continue rising to higher levels. An RSI above 70 typically signals overbought conditions, but we have not reached that point yet.
3. Price Patterns in December Across Previous Years: In December 2017 and 2021, Bitcoin experienced significant upward movements around December 20 and 21. In 2017, Bitcoin's price rose from about $16,000 to over $20,000 in the last days of the month. In 2021, a similar rise was observed during the same period. These patterns suggest that these days tend to be strong periods in the market.
4. Current Economic Factors: The increasing institutional interest in Bitcoin in recent months, along with the growing acceptance of cryptocurrencies in global markets, suggests that the demand for Bitcoin may peak in the final days of December. These economic factors help support the expected price rise.
Reasons for the Forecast on December 21:
1. Seasonal Trends: Markets often experience price increases as the holidays and year-end approach, with some investors taking stronger positions before the year ends. December 21 is close to the start of the official year-end celebrations, which could lead to greater market momentum.
2. Current Resistance and Breakouts: If Bitcoin has started breaking strong resistance levels in recent days (as seen in the current chart), December 21 may see continued momentum, with more buying power accumulating.
3. Pattern-Based Forecasts: In technical analysis, certain patterns often repeat in cryptocurrency markets. It seems that December 21 aligns with market movements toward achieving higher levels based on the momentum of the previous days.
Forecast:
Reaching $120,000 for Bitcoin by the end of December 2024 seems realistic based on technical analysis and current economic factors. Given indicators like RSI, price gaps, and surrounding economic conditions, it is likely we will see this bullish trend continue on December 21.

Sources:
1. CoinMarketCap – Historical Bitcoin price data.
2. Investopedia – Technical analysis of cryptocurrencies.
3. TradingView – Charts and technical indicators.
4. Bitcoin Magazine – Economic reports on Bitcoin.
5. CryptoQuant – Fundamental analysis data for cryptocurrencies.
Tags:
#Bitcoin #CryptoAnalysis #btcprice120k #December2024 #CryptoForecast