Bitcoin (BTC) has been slowly climbing recently, but its upward momentum is starting to fade as more altcoins show signs of potential breakouts. Over $333 million in long liquidations have already shaken up the market, but with whale investors doubling down on Bitcoin’s future, there’s more to this story than meets the eye.
Keep reading to find out what’s next.
With less than two weeks left in 2024, big investors (whales) are increasingly betting on Bitcoin’s continued growth. The cryptocurrency’s open interest (OI) has surged to a new all-time high, now surpassing $68 billion.
This indicates that large investors are positioning themselves for what could be a major upward move in the near future.
Bitcoin’s volatility is expected to increase in the next few days, as central banks from three major economies prepare to announce their latest interest rates.
Later today, the Federal Reserve will release its final FOMC data for 2024, with analysts predicting a 25 basis point cut to 4.50%. This move comes as inflation continues to cool.
On Thursday, the Bank of Japan (BoJ) will review its monetary policy, with most experts expecting it to keep its benchmark rate at 0.25%. Later that same day, the Bank of England (BoE) is expected to hold its lending rate steady at 4.75%.
Crypto analyst Ali Martinez suggests that Bitcoin holders should prepare for more volatility as the cryptocurrency enters the parabolic phase of its bull market. He compares this to previous Bitcoin rallies in 2017 and 2020/2021, but notes that the current market sentiment appears even more bullish.
Martinez predicts that Bitcoin will face brief corrections along the way. He expects a minor dip after Bitcoin hits $110k, a larger pullback after reaching $125k, and a more significant correction once it hits $150k. Ultimately, Martinez forecasts Bitcoin’s bull run will peak at $220k in 2025.
With a potential surge, the Bitcoin (BTC) price may close the month with a high of $110,000.
As per Coinpedia’s BTC price prediction, 1 BTC could peak at $169,046.
In 2030, the price of 1 Bitcoin could reach a height of $610,646.
At the time of writing, 1 Bitcoin value was $104,030.74
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