As 2024 draws to a close, Bitcoin (BTC) has entered a suspenseful moment. Prices are hovering in a sideways consolidation phase, but the market generally expects that with the arrival of the first quarter of 2025, BTC will usher in an explosive rise. So, will the next few months be a critical moment for Bitcoin to break through new highs? Let's find out!
Bitcoin's transformation from despair to hope
The story of Bitcoin is like an epic movie full of highs and lows. Once upon a time, the king of cryptocurrencies was strongly opposed by governments, and regulatory pressure around the world almost plunged Bitcoin into the abyss. However, with the coming of the Trump administration, cryptocurrencies have ushered in a new dawn of hope in the United States.
The 2.0 action has officially ended, and the SEC chairman has resigned, which has brought a ray of hope for favorable policies for Bitcoin and the entire cryptocurrency market. As members of the Trump administration who support cryptocurrencies gradually take up key positions, the market's optimism is gradually heating up, and the future of Bitcoin looks quite bright.
Institutional influx, BTC market firmly establishes its foothold
The future of Bitcoin is no longer just a game for individual investors, and the injection of institutional funds is driving cryptocurrencies toward the mainstream. The world's largest asset management company, BlackRock, is buying Bitcoin for its institutional clients at a crazy pace, making the spot Bitcoin ETF one of the most successful products in ETF history.
In addition, MicroStrategy is also buying Bitcoin on a large scale. More and more companies are beginning to imitate this practice, driving up the company's stock price by increasing Bitcoin reserves, like a powder keg ready to explode.
BTC enters sideways phase, waiting for the moment of explosion
Looking back at Bitcoin's latest trend, BTC is currently in a sideways consolidation phase, with prices hovering above $95,600 and resistance above $100,000. Although the price hit an all-time high of $108,000 in mid-December, it then began to pull back.
On the daily chart, BTC is consolidating near the bottom trendline of the ascending channel and may retrace to around $90,000, which is a critical support level to break. The market is waiting for the price to break out of this range to ignite a new round of upward movement.
RSI indicator: Reversing the downward trend is the key
From the weekly chart, the current price of BTC is above the long-term rising trend line since 2021. This shows that bulls are still dominant, but the key lies in the changes in the RSI (Relative Strength Index). If the RSI indicator can reverse the downward trend and re-break through the downward trend line, BTC may usher in a strong rise.
It is important to note that if the RSI fails to break out of the downtrend line and make new highs, the market could see a bearish divergence, which would lead to increased downward pressure on prices and could even end the current bull run.
In 2025, is it time for BTC to truly explode?
As 2024 comes to an end, Bitcoin will enter a new year, and many factors seem to be preparing for explosive growth in the first quarter of 2025. From policy support, institutional participation to the improvement of market infrastructure, the future of Bitcoin is full of possibilities.
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