Bitcoin (BTC) price has been on a steady rise recently, but the momentum seems to be fading as attention shifts towards altcoins signaling a potential breakout. The liquidation of long traders, totaling over $333 million in the last 24 hours, has led to the flagship coin consolidating, setting the stage for a possible bullish sentiment in the future.
As we approach the end of 2024, whale investors are showing increased interest in uptrends. Bitcoin’s open interest (OI) has surged to a new all-time high, surpassing $68 billion, indicating growing interest and activity in the market.
Looking ahead, Bitcoin is expected to lead the altcoin market in terms of volatility in the next few days, as central banks from major economies prepare to announce their benchmark interest rates. The Federal Reserve is set to release its final FOMC data for the year, with a projected 25 basis point cut to 4.50 percent in response to easing inflation. The Bank of Japan (BoJ) and the Bank of England (BoE) will also review their monetary policies, with expectations of unchanged rates at 0.25 percent and 4.75 percent, respectively.
Crypto analyst Ali Martinez has warned Bitcoin traders and holders to brace for a turbulent ride as the coin enters the parabolic phase of the bull market. Drawing comparisons to previous rallies in 2017 and 2020/2021, Martinez predicts a more bullish sentiment in the current cycle. According to Martinez’s analysis, Bitcoin’s price is expected to see corrections at $110k, $125k, and $150k, before reaching a peak at $220k later in 2025.
In conclusion, the cryptocurrency market is poised for increased volatility and potential price movements as key economic events unfold. Bitcoin’s performance will continue to be closely watched, with expectations of both corrections and bullish runs in the near future. Stay tuned for more updates on this evolving market landscape.