As 2024 winds down, crypto enthusiasts are asking: will Bitcoin hit the elusive $100K mark before Christmas? With the holiday spirit high, Bitcoin’s current price sits at $96,316, down 0.35% from December’s start. Earlier, it was over 2%, hinting that Santa might still have a surprise in store.

Bitcoin’s Momentum: A Rollercoaster Ride

Bitcoin entered December flirting with record highs but has dropped $15,000 from last week’s peak. Yet, in the past two hours, it climbed by 2.28%, keeping short-term traders on their toes.

Looking at the bigger picture, Q4 has been impressive for Bitcoin, boasting a 49% surge. Year-to-date, it’s up an astonishing 124%, and from its annual low, it’s gained 157%. Despite these milestones, December feels quieter compared to Bitcoin’s usual end-of-year fireworks. Historically, this month has seen both extreme highs and lows, so the cautious optimism among traders makes sense.

Key Indicators Signal Mixed Potential

Technical analysis paints a hopeful yet cautious picture. Bitcoin’s monthly RSI is 75.20, indicating it's oversold but with growth potential. In previous bull runs, the RSI has hit 96, suggesting there’s room for upward movement.

On shorter timeframes, the hourly RSI sits at 62, hinting at a possible short-term push. However, significant resistance lies ahead. The $96,400 mark poses an immediate barrier, with even tougher resistance stacked above $108,000. Whale activity in the $90,000 zone shows resistance thinning, but their actions could still trigger volatility.

What’s Next for Bitcoin?

With just days left in December, all eyes are on Bitcoin’s final weekly candle. The chance of a Christmas rally remains alive, supported by strong market sentiment and reduced resistance. However, the risk of whale-driven liquidations could prevent Bitcoin from crossing the $100K mark for now.

Bitcoin has proven time and again that it can surprise us. Whether through steady gains or a dramatic surge, the closing days of 2024 could still make headlines. The question remains: will Bitcoin deliver a $100K miracle this Christmas?


Merry Christmas People.
Do you believe in miracles? 🎅
Wanna share any experience, comments are warmly welcomed. 🎄