This Christmas, the Grinch stole $180 billion from Bitcoin's market cap.

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In early November, the 2024 cryptocurrency bull market entered a new phase, seemingly indicating that Bitcoin (BTC) would experience a parabolic Christmas. However, recent trading has proven that there may be some issues during this surge.

Specifically, after soaring 56% from $67,811 on November 5 to over $108,000 on December 17, the all-time high (ATH), BTC has dropped to $97,621 at the time of writing, evaporating about $180 billion in market value.

Can Bitcoin still enjoy the 'Santa Claus' rally in 2024?

Despite the significant decline, it is also worth noting that Bitcoin's market cap is still about $600 billion higher than on election day. Furthermore, at the time of writing, the latest trend is a recovery, as BTC's valuation is well above the 7-day low, nearing $1.83 trillion.

Moreover, although the cryptocurrency market 'Grinch' seems to have stolen the parabolic rise that people hoped for at the end of the year, a 'Santa Claus' rally or rebound in early 2025 is still possible, as Bitcoin's recent drop was influenced by external factors.

As investors begin to worry again about inflation and rising interest rates in the new year, the largest cryptocurrency became a victim of the Federal Open Market Committee (FOMC) latest statement, which simultaneously (and temporarily) led to a $1.5 trillion evaporation in the US stock market's value.

Bitcoin Price Prediction for 2025

Looking ahead to 2025, the latest expert forecasts paint an optimistic picture for the coming year. For instance, renowned Wall Street analyst Tom Lee estimates that $250,000 is a reasonable price target for Bitcoin over the next 12 months.

Famous and persistent BTC bull Robert Kiyosaki sets the new year's target at $350,000, while cryptocurrency advocate Perianne Boring reveals that according to some models, $800,000 is feasible.

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