Has Bitcoin’s Bull Run Reestablished? Will BTC price rise and form a new ATH before the end of 2024?
Market participants have remained vigilant over the cryptocurrency markets, specifically the Bitcoin price rally, as they tend to look for such responses. While market volatility has varied, the star token has failed to gain the necessary buying pressure. However, the latest rally suggests that the bulls tried hard to reclaim the $100K level, but the bears, who seem to have capitulated at these levels, have prevented the token from doing so. Now that the token has exhibited a Christmas rally, the year-end rally is expected to revive a strong rally, marking new highs.
While BTC price exhibited uncertainty, spot ETFs saw a massive selloff. BlackRock sold over $188 million worth of BTC, which is one of its largest sales since inception. Furthermore, total sales also peaked at over $338 million, but the price recovered from $94,000 to $99,000. Regardless, BlackRock and Fidelity collectively hold over $50 billion worth of Bitcoin, which may keep bullish hopes for the bull run high.
The short-term price of BTC suggests that the price may be subject to a small correction as the Stochastic RSI has reached oversold levels. Therefore, levels are about to go down, and after a bullish crossover, DMI levels are about to go through a bearish crossover. Therefore, the price of Bitcoin is expected to undergo a small correction and fall below $96,000 in the coming days. However, this correction could be an opportunity to accumulate in the lower range.
Crypto markets are approaching the end of the year, which usually attracts good buying volume. However, volume on the platform remains low, which suggests that bullish participation remains restricted at the moment. Therefore, an increase in volume is expected to trigger volatility, which is much-needed for a healthy and bullish close to the year, likely above $100K.