#ChristmasMarketAnalysis
Ahead of Christmas 2024, the crypto market is showing significant dynamics, with the "Santa Rally" phenomenon being the main highlight. This term refers to the tendency for crypto assets, especially Bitcoin, to rise in price during the Christmas holiday period.
Bitcoin Price Prediction
Some analysts are optimistic that Bitcoin (BTC) could reach a price of around IDR 1.94 billion ($120,000) during Christmas week this year. This optimism is based on historical patterns where Bitcoin often experiences price spikes during the year of the halving before Christmas. On-chain data also shows bullish indicators, such as the Puell Multiple which is at 1.15, indicating room for further growth.
Market Correction Before Christmas
Despite the predictions of an increase, the crypto market experienced a significant correction before Christmas. On December 22, 2024, the price of Bitcoin fell by more than 5%, reaching around $98,835. This decline was also experienced by other crypto assets, indicating high market volatility during this period.
Macroeconomic Analysis
The Federal Reserve's (The Fed) decision to cut the federal funds rate by 25 basis points, reaching a target range of 4.25%-4.50%, also affected the dynamics of the crypto market. This cut is considered the last cycle before a potential interest rate hike in 2025, which could affect investor sentiment in the digital asset market.
Altcoin Potential Ahead of Christmas
In addition to Bitcoin, several altcoins are predicted to have significant growth potential ahead of Christmas. Ethereum (ETH) and Solana (SOL) show bullish technical indicators, with price targets of $6,000 and $600, respectively. In addition, new projects such as XYZVerse attract investors with high growth potential.
Conclusion
Ahead of Christmas 2024, the crypto market is in a dynamic phase with potential for increase and risk of correction. The "Santa Rally" phenomenon provides hope for investors, but market volatility remains a factor to watch out for.