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The Bitcoin price has jumped 2.3% in the last 24 hours to trade at $100,306 as of 7:10 a.m. EST despite a 17% drop in trading volume to $108 billion.
This rise in the Bitcoin price comes as Bitwise says the crypto market is set for a transformative 2025, with BTC expected to break the $200,000 mark.
According to the Bitwise report, the growth will be driven by clearer regulatory guidelines, increased institutional adoption, and technological advancements.
Bitcoin to hit $200K in 2025, per Bitwise.
$500K "If the US government follows through on proposals to establish a 1M Bitcoin strategic reserve." pic.twitter.com/02EPXnJ6vZ
— MAGA 🇺🇸（LaughMoreDaily） (@MAGA_MAHA_MBGA) December 12, 2024
One key factor contributing to Bitcoin’s rise is the inflow into spot Bitcoin ETFs of $33.6 billion of investments so far in 2024. As more institutional investors allocate larger portions of their portfolios to Bitcoin, this trend is expected to accelerate in 2025.
Bitcoin Price Regains Momentum Above $100k
The BTC/USDT price action on a daily timeframe indicates the current price is trading at $100,371, reflecting a 0.74% decline. The chart also shows a potential upward movement with a target price of approximately $110,000, indicating bullish expectations.
Key support levels are marked around $68,721 and $86,632, and the price has respected these levels during recent retracements. This indicates strong buying interest at these points, and if the price retraces, these areas may act as buy zones.
BTCUSDT Analysis Source: Tradingview
The 50-day SMA (green line) is above the 200-day SMA (blue line), indicating a Golden Cross, a strong bullish signal. This crossover indicates that the short-term price momentum is aligned with the longer-term trend, further supporting the bullish outlook. Both moving averages are pointing upwards, confirming the current uptrend.
The chart also displays a double bottom pattern within a yellow box, a bullish reversal formation. The price bounced twice at $68,721, and this breakout from the pattern has led to the current upward trend. This reinforces the expectation of further gains in the short to medium term.
The RSI (14) is currently at 64.42, moderately bullish but approaching the overbought territory around 70. This could signal a potential pullback or consolidation before any further rise. However, as the RSI is still below 70, there is room for the price to rise toward the target price of $110,000 before reaching an overbought condition.
Bitcoin is in a strong bullish trend, with key support levels at $68,721 and $86,632. The Golden Cross and the double bottom pattern support the upward price action, and the target price of $110,000 seems achievable. However, traders should monitor the RSI as it approaches overbought conditions, as a short-term pullback may occur before the price can reach the target.
Crypto All-Stars Presale Closes On $14M – Last Chance To Buy!
As Bitcoin prepares for another upward move, traders are piling into the new meme coin presale Crypto All-Stars (STARS).
The project has already raised over $13.8 million, and there are now less than eight days before it prepares to list.
Popular YouTuber ClayBro, with a following of more than 133K subscribers, predicted that STARS could experience a 10X surge after its launch.
Unlike traditional meme coins that rely heavily on community support and hype, Crypto All-Stars (STARS) offers significant utility through an innovative staking platform.
This platform allows users to stake some of the most popular meme coins in the market, including DOGE, SHIB, PEPECOIN, FLOKI, BRETT, MOG, LADYS, TOSHI, COQ, BONK, and TURBO.
Crypto All-Stars is leveraging brand awareness to expand its market presence by supporting such a wide array of tokens.
The project also plans to support additional assets in the coming months, further enhancing its appeal.
The entrance to the All-Star house is looking magical, isn't it?! 👾💜
Ready to step inside 😉? pic.twitter.com/vRzAFXIDn7
— Crypto All-Stars (@all_stars_coin) December 8, 2024
One of the key features attracting investors to Crypto All-Stars is its ability to consolidate holdings across multiple tokens in one platform.
By staking any supported tokens, investors earn passive rewards in STARS, which can also be locked on the platform.
Early adopters who stake STARS now can take advantage of a 190% annual yield, offering significant growth potential.
Currently selling for $0.0016782, STARS can be bought using ETH, USDT, BNB, FLOKI, SHIB, PEPE, DOGE, or a bank card.
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