Major selling from year-end rebalances halts, igniting a powerful rally that pushes prices above $100,000
Bitcoin's price has rebounded dramatically, surpassing $102,000 and erasing the struggles of late 2024.
Host of CryptosRus, George Tung, attributed the surge to renewed enthusiasm in the market following Wall Street’s end-of-year profit-taking, tax harvesting, and portfolio rebalancing. He also highlighted the influence of anticipated pro-crypto policies under President Trump, who will be sworn in later this month, setting the stage for significant developments in the crypto landscape.
"Fundamentally, nothing has changed for bitcoin," Tung explained. "The selling from Wall Street is over, and 2025 is starting out with FOMO once again." He pointed to inflows of nearly a billion dollars last Friday, which underscored the renewed confidence in bitcoin’s trajectory. According to Tung, "Fundamentals have never been better, with network activity, hash rate, and even Google searches hitting all-time highs."
Discussing the broader implications, Tung predicted that bitcoin will see more volatility in the year ahead, as is typical in bull cycles. "Every cycle, we see bitcoin go up and down sometimes as much as 30%. This has been a tame cycle so far, but more volatility and consolidation points are expected." However, he expressed confidence in bitcoin achieving new highs in 2025.
As the crypto market continues its upward trend, Tung emphasized that the global enthusiasm for bitcoin and the strategic moves by nations could further bolster its standing. "With the strategic reserve in place, other countries will follow. There's already FOMO among countries and Wall Street, and the fundamentals are all pointing in the right direction," he concluded.
