Bitcoin price prediction: Bitcoin rose above $91,000 early morning hours but lost steam and retreated below $89,000 by evening, dip-buying eventually boosted it over $90,000.
Ethereum experienced a similar trend, dropping from an intraday high of $3,160 to a low of $3,040, before rebounding to $3,110 overnight.
In the past 24 hours, total liquidations across the cryptocurrency market reached $373 million, with bullish leveraged positions accounting for over $258 million in losses.
The Open Interest (OI) for Bitcoin futures increased by 0.78% during the same period.
Additionally, Bitcoin's funding rates on major cryptocurrency exchanges remained positive, reflecting a prevailing dominance of long positions.
The "Extreme Greed" sentiment has significantly declined from 90 to 83, according to the Cryptocurrency Fear and Greed Index, reflecting recent corrective actions in the market.
Renowned cryptocurrency analyst Ali Martinez noted that if Bitcoin price closes above $91,000, it would invalidate his earlier bearish forecast and potentially drive the cryptocurrency to $100,680.
In the event of a Bitcoin retracement, Martinez highlighted key support levels to watch, including $85,800 – $83,250 and $75,520 – $72,880.
Michaël van de Poppe, another prominent cryptocurrency analyst, mentioned that he is actively buying dips in Bitcoin and Ethereum amid increasing volatility. He predicted, "We can expect to see $100K per Bitcoin before January 1, 2025."
The cryptocurrency industry has experienced remarkable growth, with Bitcoin price reaching a new all-time high of $93,495 on Wednesday, according to Coinbase data. Several factors have contributed to this surge, including Trump’s presidential victory and BlackRock’s involvement in the market. The spot Bitcoin ETFs are witnessing record inflows, reflecting increasing interest from both retail and institutional investors.
Bitcoin's performance in 2024 has been impressive, rising nearly 30% in recent weeks and surpassing the $93,000 mark. Analysts from various crypto and financial research firms are providing year-end and long-term price predictions for Bitcoin, driven by the recent rally and favorable economic conditions.
Meanwhile, Bitfinex analysts attribute Bitcoin’s bullish momentum to Trump’s presidential victory and the potential for continued interest rate cuts in the U.S.
“We expect Bitcoin price to accumulate and range, with $100,000 in a few months,” they explained, adding that Trump's administration is likely to support pro-crypto policies, boosting cryptocurrency adoption among institutional investors.
Risk Warning: this article represents only the author’s views and is for reference only. It does not constitute investment advice or financial guidance, nor does it represent the stance of the Markets.com platform.When considering shares, indices, forex (foreign exchange) and commodities for trading and price predictions, remember that trading CFDs involves a significant degree of risk and could result in capital loss.Past performance is not indicative of any future results. This information is provided for informative purposes only and should not be construed to be investment advice. Trading cryptocurrency CFDs and spread bets is restricted for all UK retail clients.
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