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Top Reason Why Bitcoin Bull Run is Yet to Mark the Peak-BTC Price Primed to Reach $115K Before Entering the Bear Market
Bitcoin has been struggling to break above a crucial resistance level, which is hindering its journey to reach new heights. Despite the recent price surge, investors are still cautious about the market’s trajectory.
The bearish pressure since the start of the second fortnight has prevented Bitcoin from closing the yearly trade above $100K. However, it seems unlikely that the token will enter a bear market anytime soon. In fact, there is still room for the token to swell further before reaching the peak.
The price action in January 2025 is expected to be explosive, driven by the significant growth in stablecoin reserves, which has already reached $45 billion. This surge in demand is likely to fuel the price of Bitcoin, causing it to breach the upper targets beyond $110K and possibly reach as high as $115K before entering a bear market.
It’s crucial to understand that the current price action is not sustainable for long periods due to the prevailing market sentiment. The institutional demand has been substantial this year, leading to an unprecedented drain on exchange reserves. This is expected to continue in the coming days and weeks.
Source: coinpedia.org
