Originally published on: December 16, 2024
Bitcoin is kicking off the week before Christmas with a bang, reaching new all-time highs and setting ambitious price targets for BTC.
Just as the latest weekly close hit its peak, BTC/USD surged to an unprecedented $106,533 on Bitstamp, marking a historic milestone according to data from Cointelegraph Markets Pro and TradingView.
Market participants are brimming with optimism as co-founder of DecenTrader, Filbfilb, predicts a “big week” ahead for Bitcoin in a classic crypto industry fashion.
Despite the surprising highs, some traders were caught off guard as Bitcoin typically shows sideways or downward movement leading up to US Federal Reserve interest rate decisions.
Crypto liquidations have exceeded $300 million in the past 24 hours, indicating heightened market activity and volatility.
As analysis points to key directional moves happening around mid-December historically, traders are eyeing BTC price targets well above $100,000, with $140,000 now considered a “base case” by industry analysts.
Metrics like Bitcoin’s market value to realized value (MVRV) suggest room for further growth before a potential peak in the coming months.
The Federal Reserve’s upcoming decisions on interest rates are also in focus this week, with expectations of a 0.25% rate cut amid concerns of inflation and economic stagnation.
Meanwhile, reports of US President-elect Donald Trump considering a national Bitcoin reserve have ignited speculation of Bitcoin reaching new highs, with forecasts exceeding $500,000.
In addition, CEOs like Michael Saylor of MicroStrategy continue to drive market sentiment with significant BTC purchases for their corporate treasuries.
As Bitcoin open interest reaches all-time highs and the market enters a phase of price discovery, traders are closely monitoring funding rates and OI levels for potential signals of future price movements.
With Bitcoin’s price outlook reaching new heights, the stage is set for an eventful week in the world of cryptocurrency trading.
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