Price analysis 12/16: SPX, DXY, BTC, ETH, XRP, SOL, BNB, DOGE, ADA, AVAX
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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Author: Rakesh Upadhyay
