- Riot Platforms’ VP of Research highlights Bitcoin’s resilience.
- Market signals point to further upside potential for the king coin.
While the year-end crypto crash of 2024 left many investors reeling, the dawn of 2025 brought with it a wave of optimism.
Leading the charge in recovery, Bitcoin [BTC] has regained its spotlight. Moreover, altcoins have closely followed suit, reigniting confidence in the market.
Amid this hopeful sentiment, Pierre Rochard, Vice President of Research at Riot Platforms, highlighted BTC’s fundamental strength. In the last post on X he says declared,
“Bitcoin is designed to be the world’s most reliable monetary system for savings and payments.”
BTC’s latest milestone
This new comment came just a day after Rochard announced that the Bitcoin network processed more than $19 trillion in transactions by 2024.
“Dconvincingly proving that Bitcoin is both a store of value and a medium of exchange.”
It’s worth noting that this represented a significant leap forward: more than doubling the $8.7 trillion paid in 2023. The increase was especially notable given the two-year decline in transaction volumes following the 2021 bull market.
2024: a monumental year for Bitcoin
Bitcoin’s remarkable performance in 2024 was not an isolated incident; they were reinforced by important macro and institutional developments.
The US approval of Bitcoin Exchange-Traded Funds (ETFs) was a turning point, boosting institutional inflows and broadening the asset’s appeal to mainstream investors.
Adding to the momentum was Bitcoin’s halving in April, which halved mining rewards, reinforcing the scarcity-induced appeal.
The political background added to the excitement. The US presidential election, dubbed the “Trump pump,” and speculation about the country adopting a strategic Bitcoin reserve created a bullish frenzy.
The ripple effects were felt worldwide as other countries began exploring similar strategies, cementing Bitcoin’s role in the geopolitical and economic dialogues.
The culmination of these factors took Bitcoin to an all-time high of $108,000.
Nevertheless, the market euphoria was met with a sobering reality, with BTC falling to end the year around $91,000 – a stark reminder of its inherent volatility.
Will Bitcoin Continue Its Comeback?
But things could turn for the better as the price recovered in early 2025.
AMBCrypto’s latest analysis highlighted a significant shift in market sentiment, with BTC leaving the ‘extreme greed’ zone for the first time since the November election rally.
This newfound balance could pave the way for sustainable growth.
Technical indicators reinforced this optimism. A bullish MACD crossover on the daily chart and Bitcoin’s position above the 20-day MA indicated upside momentum.
Source: TradingView
At the time of writing, Bitcoin was trading at $97,771, reflecting a weekly gain of 3% but a slight decline of 0.23% in daily moves.
