Market participants stepped up their action as trading volume surged reasonably. Nonetheless, the top cryptocurrencies remain within a narrow range and are uncertain about the impending trend. Bitcoin price is still hovering around $43,000, making it less likely to see strength as the year closes around the corner.
A few weeks ago, BTC price surged past key resistance levels, signaling the possibility of a bullish breakout. However, the significant change in momentum has caused bulls to focus on other tokens that have already sparked massive bull markets. Therefore, it appears that the Bitcoin price may miss the ‘Santa Rally’ that pushed the price of Solana to more than triple digits.
Despite the bearish talk, prominent analysts, bulls, and whales appear to be bullish on Bitcoin. As mentioned above, Bitcoin price has surged and turned multi-year support levels back into resistance. A similar pattern was seen in December 2020, when the market was at the foot of the 2021 bull market. However, the price of BTC has already surged nearly 200%, hitting a new ATH of close to $69,000.
BTC price appears primed for the next price action and if it surges with similar strength and intensity, the rally could find the next ATH around $95,000 by late 2024 or early 2025. But the $100,000 milestone remains distinct because the road to $90,000 may also not be smooth enough to sail.
Therefore, with BTC dominance plummeting every day, altcoins are expected to receive the most attention for the time being. Meanwhile, Bitcoin mining difficulty soared to ATH 72 trillion, a jump of nearly 7%. This surge demonstrates the incredible resilience and growth of the Bitcoin network amid a massive $600 million investment in ASICs this month. This optimism is expected to push the price of BTC higher, which will have a positive impact on its value in the future.