Bitcoin (BTC) price surpassing $100,000 for the first time since its inception earlier this month is considered one of the most important milestones in the bullish market of 2024/2025. However, the rapid rotation of cryptocurrency into large and mid-cap altcoins in preparation for the exponential altcoin bull season in 2025 has dampened Bitcoin's previous bullish sentiment.
The leading coin has dropped more than 14 percent over the past two weeks and is trading at around $93,300 on Monday, December 30, during trading between London. With the price of Bitcoin, on the daily timeframe, consistently closing below the 50 Moving Average (MA), it can be safely assumed that short-term bears are in control.
Mid-term price target for Bitcoin according to Brandt's chart
According to veteran trader Peter Brandt, the price of Bitcoin is hovering around a crucial crossroads that could lead to a price surge to $120,000 or further correction to support above $78,000. From a corrective perspective, Brandt emphasizes that the price of Bitcoin may be forming a potential head and shoulders (H&S) pattern on the daily timeframe.
Regarding the bullish recovery outlook, Brandt notes that the price of Bitcoin may be forming the famous Hump Slump Bump Dump Pump (HSBDP) chart pattern.
Market Image
Despite the short-term bearish outlook for Bitcoin, institutional investors – led by BlackRock's IBIT and MicroStrategy Inc. (NASDAQ: MSTR) – continue to accumulate more coins. According to on-chain data analysis provided by Coinglass, the supply of Bitcoin on centralized exchanges has dropped to a multi-year low of around 2.24 million.
U.S. spot Bitcoin ETF issuers have recorded a total net inflow of approximately $35.6 billion, thus currently holding a total net asset of about $106.6 billion. However, Bitcoin's Open Interest (OI) futures market has decreased by more than $7 billion in recent weeks and is hovering around $59 billion, signaling increasing fears of a mid-term sell-off.
DYOR! #Write2Win #Write&Earn $BTC