As 2024 draws to a close, Bitcoin (BTC) finds itself in the spotlight once again.
Currently trading at $95,016, Bitcoin has seen modest but steady gains of 0.28% over the past 24 hours, 3.47% over the past week, and an impressive 38.44% in the last month.
With its market cap soaring and technical indicators flashing bullish signals, all eyes are on Bitcoin’s potential performance during the festive season.
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Could we see BTC hitting new milestones this Christmas?
Bitcoin’s key levels to watch
Bitcoin’s price momentum has been exceptional, with the cryptocurrency up 127% over the last year, outperforming Ethereum and more than half of the top 100 crypto assets. Trading above its 200-day simple moving average, BTC has enjoyed 18 green days in the last 30, signaling sustained bullish momentum.
Key technical levels for Bitcoin include a support zone at $92,414, with resistance sitting just shy of the psychologically significant $100K mark at $98,523. Breaking through this resistance could pave the way for a monumental rally, while a failure to hold support may lead to a dip.
AI forecasts Bitcoin price for Christmas Day 2024
According to the AI-driven forecasting platform PricePredictions, Bitcoin could reach $97,614 by December 25, 2024.
This projection suggests a modest 3.06% increase from its current price, supported by technical analysis indicators like Bollinger Bands (BB), moving average convergence divergence (MACD), and average true range (ATR).
While this projection falls short of the six-figure price that many Bitcoin enthusiasts have been anticipating, it still underscores the cryptocurrency’s resilience in what has been a highly volatile year for financial markets.
Diverging analyst opinions on BTC
Not everyone is convinced that Bitcoin’s holiday season will be smooth sailing.
On-chain analyst Ali Martinez has highlighted the formation of a potential head-and-shoulders pattern, which he warns could trigger a price correction down to $90,000. This bearish view introduces a note of caution, particularly for those looking to enter the market at current levels.
In contrast, popular trader DonAlt offers a more dynamic outlook, stating,
“BTC probably giga sends on a close above $98K towards $110K. Probably wipes everyone on a dip to $80K if it loses $90K. Probably ranges while neither has happened.”
Finally, Michaël van de Poppe, another prominent analyst, remains bullish but patient, stating, “BTC still patiently waiting to break $98K to get ourselves into the magic wonderland of $100K+. If we do dip, regardless, then my areas stay unchanged. Good times are coming.”
The broader Bitcoin context
Bitcoin’s strong performance is underpinned by a mix of institutional adoption, macroeconomic factors, and growing optimism around regulatory clarity. Recent ETF applications, increasing whale activity, and positive signals from U.S. regulators have contributed to a favorable environment for BTC.
However, market sentiment remains a double-edged sword. While the bullish narrative dominates, overbought conditions and potential profit-taking as Bitcoin approaches $100K could introduce volatility.
Featured image via Shutterstock
