Bitcoin’s Momentum Builds: Is a Major Move on the Horizon?

• Bitcoin price surges, fueling optimism for significant gains and new records soon.
• Analyst predict consolidation is needed before Bitcoin’s next major upward move.
• Bitcoin dominates 54.6% of the market, with investors anticipating the next breakout.

Bitcoin (BTC) is once more raising investors’ interest as it nears crucial resistance levels. The recent price rise has fueled rumors that Bitcoin is approaching the $100,000 mark. Optimism and positive forecasts prevail among investors; buyers are expecting more gains, expecting that the Bitcoin price will grow and reach new records in the near future.

The current rally in the price of Bitcoin has brought cheer, especially as the cryptocurrency approaches the $100,000 mark. During Christmas, the price of one Bitcoin hit almost $100,000, demonstrating the high potential for investors. However, analysts have predicted that the market sentiment will improve before Bitcoin could make new all-time highs.

Consolidation Before Next Surge

In an X post on Thursday, analyst Elja expressed views that Bitcoin could be approaching the next phase of the bullish cycle. Elja believes that short-term fluctuations of BTC may involve some consolidation and then a big move in the first quarter of the year. 

The price of Bitcoin has been quite volatile in the past weeks. Following the FOMC meeting, Bitcoin had a steep pullback, from $108,000 to $92,000. Nevertheless, the bulls quickly replied and returned the price to $99,500. 

Blockchain analytics firm Santiment has waded into the current market environment to note that bullishness may be overdone. In their view, a short consolidation phase is needed for Bitcoin to move up to the next level. The platform notes that the price of the digital asset can only experience more sustainable growth in the future once the market’s euphoria ends.

As of press time, Bitcoin is trading at $95,766, and the digital currency’s market dominance is 54.6%. Markets await a further signal of the next surge or a reversal, with the $100,000 mark being the main psychological threshold for Bitcoin’s value.