Bitcoin Price Maintains Consolidation: Will It Miss the Santa Rally or Prepare for the 2024 Bull Run?

The post Bitcoin Price Maintains Consolidation: Will It Miss the Santa Rally or Prepare for the 2024 Bull Run? appeared first on Coinpedia Fintech News

The market participants have intensified their action as the trading volume soars reasonably. Regardless, the top cryptos hover within a narrow region, uncertain about the impending trend. The bitcoin price remains stuck around $43,000, displaying fewer chances of a bullish breakout when the yearly close is on the horizon.

A few weeks before, the BTC price soared beyond the pivotal resistance, displaying the possibility of a bullish breakout. However, a significant shift in momentum caused the bulls to focus on other tokens, which had already triggered a massive bull run. Hence, it appears that the Bitcoin price may miss the ‘Santa Rally’ that has elevated the Solana price beyond a three-digit figure.

Regardless of the bearish narrative, renowned analysts, bulls, and whales appear to be bullish on Bitcoin. As mentioned above, the Bitcoin price surged high and transformed the multi-year support levels back into resistance. A similar pattern was witnessed back in December 2020, when the markets were at the foothills of the 2021 bull run. However, the BTC price has already surged close to 200%, marking a new ATH close to $69,000.

The BTC price appears to be ready for the next price action, and if it surges with similar intensity and strength, then the rally may find its next ATH somewhere around $95,000 by the end of 2024 or early 2025. However, the milestone at $100K continues to remain distinct, as the road towards $90,000 may also not be smooth enough to sail.

Therefore, now that the BTC dominance is plunging every day, the altcoins are expected to enjoy maximum attention for a while. On the other hand, the Bitcoin mining difficulty skyrockets to an ATH of 72 trillion, a nearly 7% jump. This surge displays the incredible resilience and growth of the Bitcoin network amid a massive $600 million investment in ASIC this month. With this optimism, the BTC price is expected to rise, positively impacting its value in the coming days.