Coinspeaker
Bitcoin Price Eyes New ATH at $110K in Santa Claus Rally?
The Santa Claus rally has begun in the US equity market thereby pushing Bitcoin
BTC
$96 774
24h volatility:
1.3%
Market cap:
$1.92 T
Vol. 24h:
$38.81 B
price closer to $100K levels once again. Following the 1.1% lead in the S&P 500, BTC once again surged to the $100K level today with investors looking for a new all-time high at $110K and beyond.
Amid bullish Christmas momentum, BTC surged all the way to $100K levels earlier today raising hopes for a broader crypto market rally ahead. The surge has reignited trader optimism, with growing speculation of Bitcoin reaching $110K in the near future. However, blockchain analytics platform Santiment reported that the crowd sentiment needs to cool down a bit for the Bitcoin price to hit new all-time highs.
Photo: Santiment
The recent Bitcoin price rally also comes after MicroStrategy announced its plans to issue more shares to raise funds and continue with its Bitcoin purchase plans. Sean McNulty, director of trading at liquidity provider Arbelos Markets said:
“The announcement that MicroStrategy will issue more shares next year to buy more Bitcoin is pushing up the prices. The market is being forward looking about MicroStrategy’s Bitcoin buys and that’s been the single biggest reason for market to go up. Watching MicroStrategy news is becoming a big part of my day.”
Bitcoin Price to See Further Gains in Santa Claus Rally?
The Christmas period has always been good for Bitcoin and the overall crypto market. Furthermore, with the S&P 500 picking up pace, the crypto market could follow thereafter.
The much-anticipated Santa Rally may have begun, as the S&P 500 delivered one of its strongest performances during the festive period. Historically, the seven trading days starting on Christmas Eve yield an average return of +1.3% for the index.
Photo: The Kobeissi Letter
Bitcoin has always maintained a strong correlation with S&P 500, and thus, the current uptick could be an indication of what’s coming to BTC ahead. Popular crypto analyst Captain Faibik also stated that the Bitcoin price is floating in an upward trending channel and is on its path to get back $110K.
$BTC #Bitcoin Bullish Rally incoming.. 🔜 pic.twitter.com/I2euqeB60N
— Captain Faibik 🐺 (@CryptoFaibik) December 25, 2024
Following the healthy pullback from the all-time high levels of $108K earlier in December, Bitcoin price seems poised to break past $100K levels once again. Ahead of the monthly options expiry, BTC is experiencing greater volatility. Amid the current price action, the 24-hour liquidation has soared to $65 million.next
