Bitcoin, the leading cryptocurrency by market capitalization, surged by more than $3000 within hours, causing shifts in bear market predictions.
Bitcoin's Sudden Surge
Earlier today, the flagship cryptocurrency slipped to as low as $91,315 on the Bitstamp exchange, the lowest level since Nov. 26. This plunge prompted speculation about the end of Bitcoin's bull markets. However, the cryptocurrency managed to pare its losses and turn green on the daily chart.
Market Reactions and Liquidations
According to CoinGlass data, nearly $40 million worth of short positions were liquidated over the past 24 hours. Nonetheless, the bulls faced far steeper losses. Bitcoin is still 12.9% away from its record high reached earlier this month, but the sudden recovery has injected some optimism into the battered crypto market.
Future Predictions
Byzantine General, a pseudonymous trader with more than 200,000 followers, believes that Bitcoin may outperform expectations in the first quarter of 2025. Despite some concerns about the slowing rally, the industry consensus seems to be that Bitcoin will continue to outperform in 2025. Mike Novogratz's Galaxy predicts Bitcoin could reach $150,000 in the first half of the year, while Tom Lee from Fundstrat is convinced it could hit $250,000.
Bitcoin is approaching the $95,000 level, and despite market volatility, participants remain optimistic about a significant rise in cryptocurrency in the coming years.
