In a landmark moment earlier this month, Bitcoin (BTC) surpassed the $100,000 mark for the first time since its inception, marking a pivotal moment in the 2024/2025 bull market. This unprecedented rise was seen as a significant bullish milestone. However, the rapid shift of crypto investments toward large and mid-cap altcoins, in anticipation of a parabolic altseason in 2025, has somewhat dampened Bitcoin’s bullish momentum.
Currently, Bitcoin has experienced a decline of over 14% in the past two weeks, trading around $93.3k as of Monday, December 30, during the mid-London session. On a daily chart basis, the price has consistently closed below the 50 Moving Average (MA), suggesting that short-term bearish forces are dominant.
Midterm Targets for Bitcoin Price as Per Brandt’s Chart
Veteran trader Peter Brandt has highlighted that Bitcoin is at a critical juncture, poised either for a rally to $120k or a further correction towards the support level above $78k. From a corrective standpoint, Brandt notes the potential formation of a head and shoulders (H&S) pattern on the daily chart.
On a more optimistic note, Brandt suggests that Bitcoin might be forming the well-known Hump Slump Bump Dump Pump (HSBDP) chart pattern, indicating a possible bullish rebound.
Market Picture
Despite the short-term bearish outlook, institutional investors, including BlackRock’s IBIT and MicroStrategy Inc. (NASDAQ: MSTR), continue to aggressively accumulate Bitcoin. On-chain data analysis from Coinglass reveals that Bitcoin’s supply on centralized exchanges has dropped to a multi-year low of approximately 2.24 million BTC.
The US spot Bitcoin ETF issuers have reported a cumulative total net inflow of about $35.6 billion, with current holdings amounting to approximately $106.6 billion in net assets. However, the Bitcoin Futures Open Interest (OI) market has seen a decline of over $7 billion in recent weeks, resting around $59 billion. This trend indicates growing concerns about a potential midterm selloff.
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FAQs
According to Coinpedia’s BTC price prediction, 1 BTC could peak at $169,046.
In 2030, the price of 1 Bitcoin could reach a height of $610,646.
Projecting a 10-year growth for a volatile asset like Bitcoin is speculative. However, BTC price is expected to cross $600,000 by 2030. With global adoption, Bitcoin could potentially be worth up to 1 million dollars.
