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The Bitcoin price surged 3% in the last 24 hours to trade at $103,676 as of 11:19 p.m. EST on trading volume that soared 56% to $85.8 billion.
The BTC price pump took the king of cryptos to a new all-time high (ATH) of $106,352 before it pared gains.
According to PlanB, the creator of the stock-to-flow model, the BTC price could average around the $500,000 valuation across 2025, perhaps even surging to as high as $1 million.
His model hinges on the assumption that demand for BTC will continue to grow.
My forward guidance for 2024 has not changed since Oct 6, 2022 when bitcoin was 20k (see below):
✅️rise into April 2024 halving
✅️halving around 55k
✅️pump after halving
✅️hit 100k in 2024
– hit S2F target ~500k average (range 250k-1m) in 2025 https://t.co/BlUlk1XuLj— PlanB (@100trillionUSD) December 6, 2024
Bitcoin Price Indicators Show A Continued Uptrend
The BTC/USD chart on the 1-day timeframe reflects a strong bullish trend that began after the consolidation phase in the purple box (October–November 2024). This area represents a prolonged accumulation zone, which eventually led to a parabolic breakout from the $60,500 support, according to data from GeckoTerminal.
Currently, the Bitcoin price is trading within a rising channel pattern (highlighted in yellow), suggesting a consistent upward trajectory. Both the support and resistance lines of this channel are rising, showing steady demand at higher price levels.
Meanwhile, the price of Bitcoin still sits above both the 50-day and 200-day Simple Moving Averages (SMAs), which is a confirmation of the upward trend.
The Relative Strength Index (RSI) currently sits at 65.16, reflecting bullish momentum but not yet overbought (70+). This suggests there is still room for price appreciation without a major correction.
BTC Price Prediction
The current BTC/USD structure shows strong bullish momentum within the rising channel, and the technical indicators support this outlook. If the price breaks above the $105,000–$106,000 resistance zone, we could see a rally toward $110,000 and beyond. This scenario would require strong volume and sustained buying pressure.
Conversely, if the price falls below the channel support ($98,000) and the 50-day SMA ($89,297), it could trigger a deeper correction toward the $85,000–$89,000 range.
As the Bitcoin price surges, investors are also buying up a new Pepe alternative called Wall Street Pepe (WEPE), which Cryptonews, a popular crypto channel with over 13k subscribers, says could be the next massive degen play.
Wall Street Pepe Raises Over $24.8 Million In Less Than 12 Days
Wall Street Pepe is adding an average of more than $2 million every day as its presale closes on $25 million in funds raised.
WEPE aims to level the investment playing field for little investors because he’s always hated the whales who dominate the market in their small, secretive, insider groups.
The solution? WEPE created his own WEPE Token Army so that small investors are stronger together. The project will offer small traders trading strategies and insider tips to buy the best cryptos available.
Flying 1st class on the WEPE express. Up only. 🐸⚔️ pic.twitter.com/4rJ9k8mvyN
— Wall Street Pepe (@WEPEToken) December 7, 2024
Each $WEPE holder becomes part of this growing army, gaining exclusive access to a private insider group where they can tap into trading insights and alpha calls to stay ahead of the curve.
The $WEPE Token also offers a passive income opportunity through its staking feature, which delivers a huge 49% annual percentage yield (APY).
You can buy $WEPE Token from the official website here for $0.0003644 using ETH, USDT, or a bank card.
Buy before a price hike in about 18 hours to lock in the best deal.
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