The Bitcoin price has been relatively stable since the start of December 2024, thanks to the rise of alternative cryptocurrencies as the market witnesses a new altcoin season.
Recently, several altcoins like Solana (SOL), Tron (TRX), Binance Coin (BNB), and Shiba Inu (SHIB) have seen significant gains over the past week.
With this in mind, what is the Bitcoin price prediction for the rest of December 2024? This article will explore the price outlook of Bitcoin (BTC) before the year ends.
BTC enters a consolidation phase
Bitcoin prices are currently in a consolidation phase, trading within a narrow range without major fluctuations. After reaching an all-time high of $99,600 on November 22, 2024, Bitcoin’s price has ranged between $92,000 and $98,000 in the past week.
Data from Glassnode shows that daily profits made on exchanges have dropped significantly, averaging $277 million daily. This is a 42% decrease from the peak of $481 million per day on November 16.
“This sharp decline signals reduced profit-taking activity, suggesting the market has entered a consolidation phase,” Glassnode maintained on X.
Bitcoin price could hit $100k in December, 2024
Bitcoin’s price went up by about 1.67% today. Some observers think this price stability may last until the end of 2024, but changes could happen before then.
Some positive signs suggest that Bitcoin’s price could rise significantly, possibly reaching the $100,000 mark before December 31, 2024.
One key factor that could help Bitcoin hit $100k this month is the anticipated Federal Reserve’s rate cut on December 18.
Speculations are that the Federal Reserve will cut rates by 0.25% in December 2024. If this happens, the federal funds target rate could drop between 4.25% and 4.5%.
A potential 0.25% rate cut by the Federal Reserve, with a 74.0% likelihood on the CME FedWatch Tool, is expected to positively influence Bitcoin and crypto prices.
Lowering interest rates can encourage people to invest in riskier assets, improve market mood, and make borrowing less expensive. In the past, cryptocurrencies often rose when monetary policy became easier, so if the Fed cuts rates were cut, we might see more demand and higher prices for Bitcoin and other altcoins.
At the time of writing, Bitcoin (BTC) is trading for $95,844.72, closing to the upper Bollinger Band at $100,486.3, suggesting it might go even higher.
BTC/USDT price today | CentralCharts
The BTC price is far above its 50-day moving average of $81,574.07 and its 100-day moving average of $71,214.96, which supports the idea of an ongoing upward trend.
The Oblique Major Support at $92,033.41 is a solid price floor, and the steady trading volume indicates continued interest in the market.
Therefore, Bitcoin may test the critical psychological level of $100K this month. If it breaks above the $97K resistance, BTC could aim for $105K to $110K by the end of December. However, if the price drops, the $92K support and the $89K Bollinger lower band will act as safety nets.
Read more: “It’s Just Beginning:” Expert Predicts the Next Litecoin Price Moves
