As December draws to a close, analyst Crypto Russian reflects on what the last days of the month could mean for Bitcoin and other cryptocurrencies. Despite expectations of a ‘Santa Rally’, the market has remained relatively stagnant. Bitcoin rose just before Christmas, hitting the $100,000 mark before falling back to around $94,000, where it currently hovers.
A look back at 2024 and the market’s surprising move
Historically, Bitcoin has seen a pattern of price increases leading up to January after breaking previous cycle highs. This was the case in 2016, 2020 and 2023. But what is different this year?
For the first time ever, Bitcoin broke its previous all-time high of $69,000 in March 2024, months before the expected halving. This early rise surprised many, but the analyst says it is a sign that the market is ahead of the typical cycle. While there has been some consolidation in recent months, there is no reason to be bearish. In fact, Crypto Rus believes the real action could happen in 2025.
Why December wasn’t the month we expected
Despite a strong start to December, Bitcoin’s performance has remained stable. “The first two weeks of December were fantastic,” says Rus, pointing to consistent new highs. However, there was some slowdown in the second half of the month, with profit-taking and tax revenue likely contributing to the market stagnation.
He attributes the lack of a ‘Santa Rally’ to the fact that Bitcoin has already made significant gains this year and is simply ahead of the usual cycle.
Looking Ahead to 2025: Big Steps for Bitcoin
Looking into the new year, Rus is extremely optimistic about Bitcoin’s potential. With the Bitcoin supply shock in full effect and major institutional players like BlackRock now controlling over 2% of Bitcoin’s supply, the stage is set for a major bull run in 2025. Rus believes that the increased purchases of these entities will increase prices in the short term. , but in the long term this could pose a challenge to decentralization.
At the time of writing, Bitcoin is trading just above $94,000 and it remains to be seen whether the bulls will push the price above $100,000 in the next 24 hours.