Bitcoin’s current price is $95,700, reflecting a 0.20% daily increase but still 11.29% below its all-time high (ATH) of $108,421.6. As 2024 draws to a close, the big question is: can Bitcoin reach $100,000 again before year-end?
A Mixed December for Bitcoin
Following hawkish comments from the Federal Reserve after the FOMC meeting, Bitcoin’s price fell sharply from its ATH, plunging 14.93% to establish a local bottom at $92,230 on December 20. Since then, Bitcoin has shown limited directional momentum.
Despite high hopes for a "Santa Claus rally," December's gains are modest, currently at 0.60%. However, Bitcoin's year-to-date (YTD) performance remains robust, boasting a 129% increase.
What Lies Ahead for BTC?
With no major macroeconomic events on the horizon until January 9 and the holiday season underway, Bitcoin's price could see increased volatility. This is further fueled by reports of BlackRock selling nearly $1.8 billion worth of Bitcoin, adding to the market's uncertainty.
Prominent analysts remain optimistic. Alex Krüger, Founder of Aike Capital, expressed bullish sentiment, citing whale accumulation and improving technical indicators as signs of a potential rally. Similarly, Bloomberg’s Senior Commodity Strategist Mike McGlone forecasts Bitcoin breaking above $100,000 before 2024 ends, supported by strong fundamentals and rising institutional interest.
Whale Accumulation on the Rise
On-chain data from Santiment highlights increased whale activity, with a notable spike in transactions exceeding $100,000 during Bitcoin’s recent 15% drop. This accumulation during dips indicates confidence among high-net-worth investors.
Conclusion: A Positive Year-End for Bitcoin?
Given Bitcoin's 129% YTD gains, low liquidity, and high volatility, a move back to $100,000 remains a strong possibility. Institutional activity and whale accumulation further strengthen the case for a year-end rally. While short-term movements remain uncertain, the long-term outlook for Bitcoin remains optimistic as 2024 comes to a close.
