Time is running out to sustain the bullish narrative. If Bitcoin continues to decline, it could be the first time in a halving cycle that BTC fails to close all three months of Q4 in the green. This would also mark the first red December and red monthly close during a halving year.
After a prolonged bullish rally with continuous green candles, Bitcoin has now formed a significant red engulfing weekly candle. This shift has sparked fear among many BTC holders, with questions arising about whether the bull run has come to an end.
With the year-end approaching and many traders likely to be on vacation, trading volume is expected to drop. This low-volume environment could lead to a short-term pullback, potentially bringing BTC down to the low $80K range.
Despite the short-term correction, the long-term outlook for Bitcoin remains bullish. As the new year begins, BTC is projected to regain momentum within 1-2 weeks, with a possible target of $120K in 2025.
