David Lawant, the research director of cryptocurrency wholesale broker FalconX, wrote in a report that before a "bullish trajectory" appears in the first quarter of 2025, recent price fluctuations of Bitcoin remain "the most likely scenario." Lawant stated, "As we enter the final days of this year, a low liquidity environment may lead to more volatility, especially since BTC may experience its largest options expiration event in history on December 27."