Bitcoin Price Analysis: Will It Increase $120,000 or Decrease $78,000 - What Will Happen Next?

The price of Bitcoin (BTC) surpassing the $100,000 threshold for the first time since its inception earlier this month is considered one of the most significant price milestones in the 2024/2025 bull market. However, the rapid transition of funds to large-cap altcoins and the preparation for the exponential price increase of altcoins in 2025 have dampened the previous bullish sentiment for Bitcoin. The main currency has dropped more than 14 percent in the past two weeks and traded at around $93,300 on Monday, December 30, in the London trading session. With the price of Bitcoin, on a daily basis, consistently closing below the 50-day Moving Average (MA), it can be said that the short-term bearish side is dominant. The mid-term target for Bitcoin price according to Brandt’s chart. According to veteran trader Peter Brandt, the price of Bitcoin is currently fluctuating around a crucial intersection, which could lead to a price increase to $120,000 or further adjustment to the support level at $78,000. In terms of adjustment, Brandt emphasizes that the price of Bitcoin may be forming a potential head and shoulders (H&S) pattern, within the daily time frame. Regarding the prospect of price recovery, Brandt notes that the price of Bitcoin may be forming the famous Hump Slump Bump Dump Pump (HSBDP) chart pattern.

Market image Despite the short-term price decline prospects for Bitcoin, institutional investors - led by BlackRock’s IBIT and MicroStrategy Inc. (NASDAQ: MSTR) - continue to accumulate more coins. According to data analysis on the chain provided by Coinglass, the Bitcoin supply on centralized exchanges has dropped to its lowest level in years at about 2.24 million. US spot Bitcoin ETF issuers have recorded a total net inflow of about $35.6 billion, thus currently holding a total net asset of about $106.6 billion. However, the Bitcoin open interest (OI) futures market has decreased by over $7 billion in the past few weeks and fluctuated around $59 billion, signaling increasing concerns about mid-term sell-off potential. DYOR! #Write2Win #Write&Earn $BTC {spot}(BTCUSDT)