Bitcoin surged to an all-time high of $107,780 and is currently trading at $106,618.
Mt. Gox moved 1,620 BTC ($172M), raising speculation over potential sell-offs.
Bitcoin (BTC) surged to a new all-time high of $107,780.58 before correcting to $106,618.73. BTC’s market cap now stands at $2.11 trillion, reflecting a 1.77% daily rise. Trading volume surged 29.7% to $80.6 billion. The market cap ratio remains steady with a fully diluted valuation (FDV) of $2.23 trillion.
Bitfinex analysts predict Bitcoin could hit $160K to $290K by early 2026. This estimate aligns with historical trends surrounding halving cycles and rising institutional adoption. Their Pi Cycle Top Indicator forecasts a peak between mid-2025 and January 2026. However, analysts expect diminishing returns as BTC matures.
U.S. spot Bitcoin ETFs reported $636.93 million in net inflows on December 16. Strong institutional demand continues driving BTC’s rally. The dormant Mt. Gox exchange moved 1,619.678 BTC worth $172 million to two new addresses today.
The first transaction of 191.678 BTC ($20.42 million) occurred at 02:19 UTC, while the second transfer of 1,428 BTC ($152 million) followed shortly after. Mt. Gox still holds 36,085 BTC, valued at approximately $3.84 billion, raising speculation about future sell-offs. Despite concerns, the market shrugged off these transfers, signaling robust sentiment.
What’s Next for Bitcoin?
Bitcoin remains above its key moving averages on the daily chart, indicating strong upward momentum. The 9-day moving average (MA) is at $101,659.61, while the 21-day MA sits at $99,304.88. The recent MA crossover suggests continued bullish momentum, often signaling a sustained uptrend.
Bitcoin faces immediate resistance at $110,000. If BTC breaks this level, it could rally toward the next target of $115,000 or higher. On the downside, BTC has strong support at $100,000. A breakdown below this level may lead to further retracement toward $97,000.
The RSI currently reads 70.62, indicating overbought conditions. This suggests a possibility of short-term consolidation or a mild correction. However, the RSI average at 64.90 highlights steady bullish strength.
The 9-day MA crossing above the 21-day MA confirms bullish sentiment. This crossover often indicates strong buying pressure and signals a continuation of the uptrend. As BTC holds above both moving averages, traders expect further gains in the near term.
With ETF inflows, adoption growth, and macro factors aligned, BTC remains poised for further gains. The 2024 halving and institutional demand could push Bitcoin closer to Bitfinex’s $160K forecast. However, analysts advise caution, as volatility persists.Highlighted Crypto News TodaySolana Price Traverses Downwards While Bulls Drive Crypto Market
