Bitcoin needs more volume to rally above $105K in January
Bitcoin’s daily trading volume remains 91% below the $743 million it hit on Dec. 5, when it first crossed the $100K mark.
Bitcoin analysts are predicting an imminent recovery rally despite signs of holiday-induced market liquidity that contributed to a price correction in December.
Cointelegraph Markets Pro data shows the world’s first cryptocurrency has been trading below $100,000 since Dec. 19.
Despite lackluster momentum, bitcoin could rally to $105,000 in January, according to analysts at Bitfinex.
“We expect Bitcoin to see rangebound markets as investors look to deploy capital across a range of asset classes. We expect Bitcoin to trade between $95,000 and $110,000 by the end of January,” analysts at Bitfinex told Cointelegraph.
The inauguration of US President-elect Donald Trump on January 20 could be a significant catalyst for crypto prices. Expectations for the incoming administration include more crypto-friendly regulations and improved economic policies in the US.