Bitcoin Price to Witness Santa Rally to $100k? Here’s All

Key Insights:

• Bitcoin price has lost more than 2% today as investors remain cautious.
• MicroStrategy added another $1 billion worth of Bitcoin, sparking market discussions.
• Analyst predicts a likely dump in BTC price, citing historical trends.

Bitcoin price today has recorded another pullback, falling below the brief $87,000 support as market participants remained concerned. This suggests that the investors are still not actively betting in the digital assets space amid the ongoing volatile scenario in the market.

Notably, the broader crypto market sentiment also stayed in the “fear” zone, further highlighting the gloomy market sentiment. Amid this, market watchers are evaluating the possibilities of a potential Bitcoin USD Santa Claus rally at the end of the year.

For context, the cryptocurrency sector, as well as Bitcoin price, tends to showcase a positive sentiment around the holiday season. This is often referred to by the investors as a Christmas rally or Santa Claus rally.

However, the current market sentiment has made it difficult for the experts to predict a definite future movement of the asset. As the discussions are soaring among traders, some market experts have shared key insights on the potential future movement of BTC USD price.

Bitcoin Price Retreats As Traders Remain Cautious

BTC USD price was down more than 2% and exchanged hands at $86,800 at the time of writing, which has once again spooked traders. The trading volume of Bitcoin USD also fell nearly 40% to $40 billion, suggesting declining activity in the market.

The recent slump has spooked traders, with many expecting the decline to continue in the near future. Notably, Bitcoin price today has hovered between $89,983 and $86,660 in the last 24 hours, failing to break through the brief $90k support.

Meanwhile, it appears that the retail traders are still staying on the sidelines, seeking more insights on the potential future movement of the coin. On the other hand, the US Spot Bitcoin ETF or the institutional interest would also play a key role in shaping the future trajectory of the asset.

However, it appears that the corporations have remained bullish on the future potential of Bitcoin price. For context, Michael Saylor revealed that MicroStrategy, now Strategy, has bagged 10,645 Bitcoin for $980.3 million recently.

As of December 14, the firm is holding 671,268 Bitcoin, valued at $50.33 billion at $74,872 per BTC.

Can Bitcoin USD Price Record a Santa Claus Rally?

Amid the volatile scenario in the broader crypto market, the investors are evaluating if BTC USD price can witness a Santa Claus rally. Commenting on the matter, analyst Ted said that Bitcoin price could be bracing for potential volatility ahead.

The analyst warns of a possible “Santa dump” ahead of the upcoming stock triple witching event on December 19. Historically, Bitcoin USD price has tended to drop after such events, and Pillows is questioning whether this trend will hold true the final time this year.

Meanwhile, expert Michael van de Poppe said that if BTC price breaks through the $90,000 resistance, it can target the $94,000 next. In addition, he noted that a surge above the $95,000 could help in a sustained rally for the asset to $100k.

Considering all these aspects, the investors are keeping a close track of the Bitcoin price movements now. In addition, the upcoming US CPI inflation data is also likely to influence the broader crypto market sentiment.