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BITCOIN'S VOLATILE TREND: RECORDS AND UNCERTAINTIES
#TopContentChallenge
Bitcoin (#BTC), as of December 22, 2024, is trading at approximately 97,142 USD level and has experienced a slight decline from its recent peaks. On December 16, Bitcoin set a historic record by exceeding 107,000 USD. This surge occurred after the announcement of the United States' new president, Donald Trump, that a national strategic Bitcoin reserve would be established (FN London, 2024).
Although Bitcoin rose to 108,135 USD with this news, it fell below 99,000 USD with a 9.2% decrease. However, it quickly recovered and reached the 100,000 USD level again.
Technical analysis is currently neutral to slightly bearish. The RSI indicator is in the 30-70 range, not giving an overbought or oversold signal. The 50-day moving average is upward sloping and can act as support below the price. On the other hand, the 200-day moving average is fluctuating, indicating uncertainty in the long term.
According to experts' predictions, the long-term outlook for Bitcoin is positive. Prices are expected to range between 125,000-155,000 USD in 2025. Some analyses suggest that prices could even reach 200,000 USD (MarketWatch, 2024).
Outcome: The future direction of Bitcoin will be shaped by the market's volatile nature and economic-political developments. Regularly monitoring market data is crucial for informed investments.
Resources:
• FN London
• MarketWatch
• CoinDCX