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Sustained demand from buyers has pushed Bitcoin to a new all-time high, opening the doors for a rally toward $113,000.

Bitcoin (BTC) continued its northward journey on Dec. 16, signaling continued demand from the bulls. Material Indicators co-founder Keith Alan said in a post on X that historically, Bitcoin makes “MACRO moves” at or around Dec. 17. He expects a rate cut by the Federal Reserve to boost Bitcoin’s prices higher but added that he will wait on the sidelines until more clarity emerges.

ZK Square chief investment officer CK Zheng told Cointelegraph that Bitcoin may have entered “Santa Claus mode,” with investors looking to allocate capital, fearing missing out on the rally. He expects Bitcoin to reach $125,000 in early 2025 but anticipates a 30% correction afterward.

Daily cryptocurrency market performance. Source: Coin360

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Bitcoin’s failure to hold $100,000 could attract profit booking from traders. Which altcoins will follow BTC's downtrend?

Bitcoin (BTC) has pulled back near $98,000, indicating that the bears continue to fiercely defend the $100,000 level. CryptoQuant contributor Maartuun said in a post on X that long-term holders offloaded 827,783 Bitcoin since Nov. 8. He also highlighted several other signals in the thread, which suggest that Bitcoin may be close to a top.

However, there is no stopping MicroStrategy, one of the largest corporate holders of Bitcoin, which continues to build its stockpile. The firm said it bought 21,550 Bitcoin between Dec. 2–8 at an average price of $98,783. MicroStrategy co-founder and former CEO Michael Saylor told Yahoo Finance that he would be “buying the top forever.”

Daily cryptocurrency market performance. Source: Coin360

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Bitcoin’s failure to cross above $100,000 could extend the current price pullback. The real question is whether or not bulls will buy the dip.

The failure of the bulls to push Bitcoin (BTC) above $100,000 started a pullback, which is expected to find buyers at lower levels. 

According to crypto tracking platform SoSoValue, United States-based spot Bitcoin exchange-traded funds (ETFs) witnessed the largest recorded inflows of $3.38 billion last week.

Another major buyer of Bitcoin was MicroStrategy, a publicly traded business intelligence and software firm, which bought 55,000 Bitcoin for $5.4 billion between Nov. 18 and Nov. 24 at an average price of $97,862. After the latest purchase, MicroStrategy’s total holdings ballooned to 386,700 Bitcoin.

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