Originally published on: December 16, 2024
BitcoinBTC is on a bullish trend on December 16, indicating strong demand from buyers. Material Indicators co-founder Keith Alan suggests that historically, Bitcoin tends to make significant moves around December 17. He anticipates a Federal Reserve rate cut to boost Bitcoin’s prices higher, but he remains cautious until more clarity emerges.
ZK Square chief investment officer CK Zheng has coined the term “Santa Claus mode” for Bitcoin, as investors are eager to allocate capital amid the rally. He predicts that Bitcoin may reach $125,000 in early 2025, with a potential correction of 30% thereafter.
Meanwhile, MicroStrategy made a fresh purchase of 15,350 Bitcoin between December 9 and 15, increasing their total holdings to 439,000 Bitcoin.
Will Bitcoin’s upward momentum extend to other altcoins, or is a correction imminent? Let’s dive into the charts to find out.
The S&P 500 Index (SPX) is nearing resistance at 6,100, with bullish momentum intact. A break above this level could invalidate a bearish rising wedge setup and push the index to 6,221 and potentially 6,500.
The US Dollar Index (DXY) is testing resistance near 108, where bears are expected to provide strong pushback. A range formation is possible if the price breaks below 106.30, with potential swings between 105.42 and 108.
BitcoinBTC has hit a new all-time high above $104,088 on December 15, heading towards the ascending channel pattern’s resistance line. A surge to $113,331 and $125,000 is possible if the resistance is breached.
EtherETH is approaching $4,094, facing resistance from bears. Upsloping moving averages suggest an uptrend, with a potential surge to $4,500 if resistance is overcome.
XRPXRP closed above the downtrend line but struggles to gain momentum. Support at the 20-day EMA could lead to a push towards $2.64 and $2.91.
SolanaSOL is consolidating near moving averages, preparing for a breakout. A break below the 50-day SMA could indicate bearish control, while a rally above resistance could target $264.
BNBBNB is consolidating near $722 resistance, with potential upside towards $794 if bulls maintain control.
DogecoinDOGE is testing support near the channel’s pattern support, with $0.48 as a target if resistance is broken.
CardanoADA is fighting to stay above the 20-day EMA, with a potential drop to $0.90 if support fails.
AvalancheAVAX is facing selling pressure near the 20-day EMA, with a potential drop to the 50-day SMA if support weakens.
Stay tuned for more insights into the cryptocurrency market as trends continue to evolve.