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Bitcoin (BTC) price has continued to grind higher in the recent past, but the rising momentum has gradually faded as more altcoins signal an imminent breakout ahead. With the heavy liquidation of long traders, amounting to over $333 million in the past 24 hours, the flagship coin is likely to continue consolidating to pave the way for more bullish sentiment ahead.
With 2024 remaining less than two weeks to come to an end, more whale investors have been betting on more uptrends. Moreover, Bitcoin’s open internet (OI) has continued to rise exponentially to a new all-time high of above $68 billion.
High Impact News Ahead
Bitcoin will lead the altcoin industry in heightened volatility in the coming g three days as central banks from three major economies prepare to release their benchmark interest rates. Later today, the Federal Reserve will release its final FOMC data for 2024, with analysts forecasting a 25 basis point cut to 4.50 percent amid the cooling down of inflation.
On Thursday, the Bank of Japan (BoJ) will review its monetary policies including its benchmark interest rate, with analysts predicting a hold at 0.25 percent. Later on Thursday, the Bank of England (BoE) will release its lending rate, with experts forecasting a hold at 4.75 percent.
What Next?
According to crypto analyst Ali Martinez, Bitcoin traders and holders should brace themselves for a rougher ride as the flagship coin enters the parabolic phase of the bull market. The crypto analyst compared the 2024/2025 Bitcoin rally to the 2017 and 2020/2021, but with more bullish sentiment.
In this regard, the crypto analyst expects Bitcoin price to experience a brief correction after reaching $110k, a steeper correction after hitting $125k, a bigger correction after hitting $150k, and the bull run to end after hitting $220k later in 2025.
