The biggest reason the Bitcoin bull run has yet to hit a record high for Bitcoin is that it is poised to hit $115,000 before entering a bear market.

As the market heads toward the end of yearly trading, Bitcoin price is gaining momentum and breaking into above $95,000. With buying pressure rising noticeably, Star Token is believed to be poised for a strong rally ahead of the year-end close. In addition, institutional demand has increased significantly, causing huge losses in foreign exchange reserves.

BTC exchange reserves have been depleting since the beginning of the year and have now reached levels not seen since 2016. This could be a major bullish signal, but with nearly a million BTC held by institutions, BTC could play a significant role in trading. Next price action. Meanwhile, the price is attempting to break above the ongoing consolidation, and a bull market close above a certain range could reorganize the strong bull market towards the highs of the ongoing bull market.

Historical price patterns consolidated within an ascending parallel channel indicate that prices are in a bull market. The RSI pattern suggests that the token has more room to rise as the level has not risen above 90 yet. During each bull market in 2014, 2018, or 2021, the monthly RSI hit highs near 94. Current levels are capped at 76 or 77, indicating that the peak of the ongoing bull market has not yet been reached.

Meanwhile, levels remain within overbought territory, maintaining a bullish outlook for the token. BTC price rose more than 3% ahead of the year-end, regaining $95,000 and remaining in a bearish range for the week. However, stablecoin holdings have grown significantly, reaching $45 billion. Therefore, the price action scheduled for January 2025 is expected to be explosive, with the price expected to hit $120,000.