- A Bitcoin analyst projects a potential bullish rally to $106K by December 2024.
- Strong capital inflows and a reliable MA50 trend line signal sustained bullish momentum for Bitcoin in the coming months.
Bullish sentiment is heavily influencing the cryptocurrency market, and analysts predict that Bitcoin (BTC) will reach a price of $106,000 by Christmas 2024. This optimistic viewpoint reflects greater confidence in Bitcoin’s ability to maintain its upward trend in light of significant technical and market data.
Historical Patterns Suggest Sustained BTC Momentum in 2024
A prominent crypto analyst on TradingView, TradingShot, has made comparisons between the present surge in Bitcoin and its past price movement from October 2020 to April 2021. TradingShot’s analysis shows that on November 1, 2020, BTC saw a parabolic increase of 395% over 164 days during the 2020 rally.
Characterised by a Channel Up formation in the 1D RSI and support from the 1D MA50 trend line, the analyst notes a similar arrangement in the continuing bull run.
TradingShot claims that historically, the 1D MA50 has been a consistent sign of great bullish momentum. BTC never closed below this trend line during the 2020-2021 rise; hence, it is a vital support level for traders and investors wishing to “ride the wave.”
Especially in times of great volatility, the analyst underlines that keeping positions until a confirmed close below the 1D MA50 could be a reasonable approach.
Holiday Season Signals Potential for Six-Figure Milestone
Likewise, based on the AB=CD pattern, another well-known analyst from TradingView, CobraVanguard, offers a positive view of Bitcoin. Measuring the AB range, which is about 45%, the analyst projects a comparable increase for the CD phase, therefore positioning Bitcoin to exceed the six-figure milestone.
The analysis of CobraVanguard shows a possible price of $106,000 between December 17 and 22, 2024, therefore highlighting the possibility of a new all-time high (ATH) during the holiday season.
Beside that, CNF has revealed observations from a crypto pundit who believes strong capital inflows are driving Bitcoin’s continuous rise. Their research suggests that the highest price point for Bitcoin would be somewhat remarkable, at $135,000.
Such significant institutional and retail interest indicated by such strong inflows supports Bitcoin’s supremacy in the crypto market even more.
Meanwhile, as of writing, BTC is swapped hands at about $90,722.92, up 10.30% over the last 7 days. Also, its dominance in the crypto market dropped to 58.9%
