Bitcoin Price Prediction 2024: Why Bitcoin Is Going Up

Bitcoin Price Prediction: What’s Next After Breaking $100K Barrier?

The U.S. CPI data meeting market expectations has ignited a bullish surge in the cryptocurrency market, with Bitcoin leading the rally by reclaiming the $100,000 mark.

The prospect of a 25 basis points interest rate cut in the upcoming FOMC meeting has further fueled investor confidence. Coupled with strong inflows into Bitcoin Spot ETFs, BTC’s price action suggests promising momentum. But will it sustain this upward trajectory?

Bitcoin’s Bullish Patterns and Key Indicators  

On the daily chart, BTC has formed a rising channel pattern, while the weekly chart displays a long cup and handle pattern. These technical formations often signal continued bullish sentiment and long-term price appreciation.

The $223M inflow into Bitcoin Spot ETFs on December 11, led by Fidelity’s FBTC with $122M, underscores institutional confidence in Bitcoin-backed instruments.

Bitcoin Price Targets: The Path Ahead  

Analysts at Coingabbar suggest Bitcoin’s price could retest its all-time high (ATH) of $103,800 if bullish momentum persists. A sustained break above this level may pave the way for BTC to chart new record highs, supported by growing institutional and retail interest.

However, a pullback below $100,000 could expose Bitcoin to bearish pressure. If sellers dominate, BTC might revisit the $98,000 level, a critical support zone to watch in the near term.

Key Factors Influencing BTC’s Price

1. Macroeconomic Outlook: CPI data aligning with forecasts has eased inflation fears, but the FOMC decision next week will heavily influence Bitcoin’s direction.

2. ETF Inflows: Continued net inflows into Bitcoin Spot ETFs signal robust demand and could act as a catalyst for further gains.

3. Year-End Activity: Market participants typically reduce trading activity toward year-end, potentially capping volatility after the FOMC meeting.

Bitcoin Price Prediction: December 2024  

- Bullish Scenario: BTC breaches $103,800 and targets $110,000 as positive sentiment and institutional demand drive growth.  

- Bearish Scenario: A dip below $100,000 could lead to a test of $98,000, with further consolidation likely in the short term.