The price of Bitcoin has increased recently, and many believe that BTC's price will surge before the end of the year. In a recent YouTube video, Crypto Rover pointed out that throughout history, every bull market during the famous 'Santa Rally' has resulted in significant Bitcoin price volatility. This year, everyone is waiting for the same pattern from BTC, and signs indicate that it could happen again.
Bitcoin breaks through a key resistance level
In recent days, Bitcoin has managed to surge above a key resistance level. For example, in the short term, on the 1-hour chart, Bitcoin has formed a rising wedge. The price bar broke through the resistance but bounced back from a very important support level, which is another sign of upward movement. The cryptocurrency is currently on track towards the next major barrier at $123,000. Achieving this level would be a significant milestone for the cryptocurrency as it would reach a new boundary.
When analyzing the recent price trend of Bitcoin, there is a clear signal that the price will continue to rise higher. The price of Bitcoin has been trending sideways, oscillating between two clearly defined support and resistance levels. The Fibonacci extension shows that BTC has just reclaimed the 1.618 level and is likely to rise higher from here. The next significant resistance level for the cryptocurrency could be $123,000.
The Santa Rally will play a big role in BTC's price. In recent years, especially in 2016 and 2020, Bitcoin surged during this time. The popularity and media coverage of Bitcoin will increase as the holiday season begins, and the purchasing power in this festive mood is likely to push BTC's price even higher.
The strongest initial signal is the bullish crossover on the cryptocurrency's daily chart. This crossover has historically led to significant price increases, such as the previous 55% rise. At this price level, this indicator suggests that the market could witness a similar surge and potentially push Bitcoin to $140,000 or even $180,000 in the coming months. At the time of writing, BTC is at $107,208 with a 24-hour price change of 2.41%.
Institutional Bitcoin investment growth
Besides technical factors, institutional participation in cryptocurrency is increasing. The Bitcoin Spot ETF has received more capital inflows, with large funds still buying coins. The fact that this trend is positive is a good sign that institutional investors are gradually making significant investments in the token. This aligns with the current increase in BTC's dominance, continuing to show BTC as the market leader.
While the cryptocurrency market seems quite optimistic, the rest of the market hasn't really enjoyed the same level of gains. The market has seen this token increase in price, while altcoins struggle to keep up with the growth pace. However, this may not last, as history shows that other altcoins tend to mimic Bitcoin's movements towards the end of a certain bull run. Other major cryptocurrencies like Ethereum could also see a strong increase when BTC achieves stability.
Bitcoin has several bullish trends still in effect to this day. Historical patterns, technical analysis, and institutional involvement show that there is still plenty of room for growth. As the cryptocurrency approaches certain resistance levels, investors are eager to see if this digital coin can break through new highs. This year's Santa Rally could push BTC's price even higher, making the coming weeks very critical for the cryptocurrency market.
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