Bitcoin is currently trading at around $101,265 as of December 12, 2024, marking a 2.93% increase on the day. Despite a brief consolidation phase in early December, where Bitcoin's price fluctuated between $92,000 and $98,000, analysts are optimistic that the price could climb above $100,000 by the end of the year. This potential surge is largely driven by strong institutional interest, particularly through Bitcoin ETFs, and speculations around a possible rate cut by the U.S. Federal Reserve.
Some analysts suggest that Bitcoin may face resistance near the $105,000 level but could push higher if it maintains its current momentum. However, the cryptocurrency's price could also experience corrections if selling pressure increases. Overall, there is a strong belief in the market that Bitcoin is positioning itself for another breakout toward $100,000 and beyond, with a growing number of whales accumulating Bitcoin as part of the bullish outlook.
