Top Reason Why Bitcoin Bull Run is Yet to Mark the Peak-BTC Price Primed to Reach $115K Before Entering the Bear Market
As markets head towards the end of annual trading, the price of Bitcoin is gaining momentum and surpassing $95,000. With a notable increase in buying pressure, the flagship token is expected to see a strong rise ahead of the annual close. Furthermore, there has been significant growth in institutional demand and as a result, foreign exchange reserves have faced a massive drain.
BTC foreign exchange reserves have been depleting since the start of the year and have reached levels not seen since 2016. This could be a major bullish signal, but with almost a million BTC held by institutions, they could play a major role in the next price action. Meanwhile, the price attempts to move beyond the ongoing consolidation and a bullish close above a certain range could rearrange a strong uptrend towards the highs of the ongoing bull run.
The historical price trend, which remains consolidated in an ascending parallel channel, suggests that the price is between an uptrend. The RSI pattern suggests that there is still more room for the token to swell as levels are not yet above 90. During each rise in 2014, 2018 or 2021, the monthly RSI marked highs near 94 Although current levels have been limited to 76 or 77, indicating that the peak of the ongoing bull run has not yet been reached.
Meanwhile, the levels remain in the overbought zone, which maintains the bullish outlook for the token. BTC price recovered $95,000 before the yearly close with an increase of over 3%, while weekly trading remains in a bearish range. However, there has been a massive increase in the stablecoin reserve, which reaches $45 billion. Therefore, the next price action in January 2025 is expected to be explosive, with hopes of reaching $120,000.
