Experienced Analyst Reveals: “For Bitcoin Price to Surpass $108,000…”

According to Dow Jones Market Data, the S&P 500 has historically thrived in “Santa Claus rallies,” closing higher 77% of the time since 1950. In contrast, Bitcoin’s performance during this year-end trading window has been much less consistent, rising only half the time in 14 holiday seasons since its inception in 2010.

While stocks stick to traditional trading calendars, Bitcoin’s 24/7 market creates a slightly different year-end dynamic.

According to Tyler Richey, technical analyst and associate editor at Sevens Report Research, Bitcoin’s trading volumes have been steadily decreasing since the BTC price surpassed $100,000 earlier this month.

“The decline in trading volume is a sign that bullish sentiment is waning,” Richey said in his comments.

Despite this, Richey sees potential for a recovery. From a technical perspective, Bitcoin could rally toward $100,000 after recent weakness triggered by the Fed’s latest moves.

“If we see a break above the congestion resistance at $100,000-$101,500 on the daily chart, a retest of the current close and intraday highs of $106,000-$108,000 would become extremely likely,” Richey said.

*This is not investment advice.

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