Originally published on: December 17, 2024
Bitcoin experienced a moment of extreme volatility after the Wall Street open on December 17th, with prices hitting a new all-time high only to sharply drop by over $2,000 in a matter of minutes.
The sudden retracement brought BTC/USD back near its daily open, hovering around $106,000. As investors try to make sense of the wild price swings, onchain analysis from Whalemap revealed significant accumulation levels by large-volume holders. According to Whalemap’s proprietary analytics tool, more than 150,000 BTC were accumulated at $98,133.
Despite the record-high open interest of over $70 billion getting pierced by the downturn, experts remain cautiously optimistic about Bitcoin’s future. Trading firm QCP Capital expressed confidence in Bitcoin’s spot price, while trader Josh Rager urged the community not to panic over every pullback.
While most anticipated Bitcoin to hit $120,000 next, trader and analyst Rekt Capital warned of a potential deeper correction based on historical patterns. He emphasized the importance of being prepared for market fluctuations rather than timing the exact moment they occur.
As Bitcoin continues its price discovery phase, it’s essential for investors to stay informed and conduct thorough research before making any investment decisions. Stay tuned for more insights and analysis on the latest market trends by subscribing to our newsletter.
