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Bitcoin’s Momentum Builds: Is a Major Move on the Horizon?
In a shocking turn of events, the price of Bitcoin has been surging, leaving many investors in awe and speculation. With the current momentum building, it is crucial to ponder whether we are witnessing a major move on the horizon.
The recent surge has brought cheer to many, especially as the cryptocurrency approaches the $100,000 mark. During Christmas, the price of one Bitcoin hit almost $100,000, illustrating the high potential for investors. However, analysts have predicted that the market sentiment will improve before Bitcoin could make new all-time highs.
It appears that short-term fluctuations may involve some consolidation and then a big move in the first quarter of the year. This notion is corroborated by the fact that the price of Bitcoin has been quite volatile in recent weeks. Following the FOMC meeting, Bitcoin experienced a steep pullback from $108,000 to $92,000. Nevertheless, the bulls swiftly replied and restored the price to $99,500.
Blockchain analytics firm Santiment has weighed in on the current market environment, positing that bullishness might be overdone. They believe that a short consolidation phase is necessary for Bitcoin to move up to the next level. The platform notes that the value of the digital asset can only experience more sustainable growth in the future once the market’s euphoria ends.
As of this writing, the price of Bitcoin is trading at $95,766, and its market dominance stands at 54.6%.
Source: cryptotale.org
