bullish

Pi [IOU]

Bitcoin

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<ul class="wp-block-list"> 
 <li>Bitcoin surged to an all-time high of $107,780 and is currently trading at $106,618.</li> 
 <li>Mt. Gox moved 1,620 BTC ($172M), raising speculation over potential sell-offs.</li> 
</ul> 
Bitcoin (BTC) surged to a new all-time high of $107,780.58 before correcting to $106,618.73. BTC’s market cap now <a href="https://coinmarketcap.com/currencies/bitcoin/" target="_blank" rel="noreferrer noopener nofollow">stands</a> at $2.11 trillion, reflecting a 1.77% daily rise. Trading volume surged 29.7% to $80.6 billion. The market cap ratio remains steady with a fully diluted valuation (FDV) of $2.23 trillion. 
Bitfinex analysts predict Bitcoin could hit $160K to $290K by early 2026. This estimate aligns with historical trends surrounding halving cycles and rising institutional adoption. Their Pi Cycle Top Indicator forecasts a peak between mid-2025 and January 2026. However, analysts expect diminishing returns as BTC matures. 
U.S. spot Bitcoin ETFs reported $636.93 million in net inflows on December 16. Strong institutional demand continues driving BTC’s rally. The dormant Mt. Gox exchange moved 1,619.678 BTC worth $172 million to two new addresses today. 
The first <a href="https://x.com/CoinnessGL/status/1868856653439025371" target="_blank" rel="noreferrer noopener nofollow">transaction</a> of 191.678 BTC ($20.42 million) occurred at 02:19 UTC, while the second transfer of 1,428 BTC ($152 million) followed shortly after. Mt. Gox still holds 36,085 BTC, valued at approximately $3.84 billion, raising speculation about future sell-offs. Despite concerns, the market shrugged off these transfers, signaling robust sentiment. 
<h3 class="wp-block-heading" id="h-what-s-next-for-bitcoin">What’s Next for Bitcoin?</h3> 
Bitcoin remains above its key moving averages on the daily chart, indicating strong upward momentum. The 9-day moving average (MA) is at $101,659.61, while the 21-day MA sits at $99,304.88. The recent MA crossover suggests continued bullish momentum, often signaling a sustained uptrend. 
Bitcoin faces immediate resistance at $110,000. If BTC breaks this level, it could rally toward the next target of $115,000 or higher. On the downside, BTC has strong support at $100,000. A breakdown below this level may lead to further retracement toward $97,000. 
<figure class="wp-block-image size-large">
 <img loading="lazy" decoding="async" width="1024" height="472" src="https://thenewscrypto.com/wp-content/uploads/2024/12/BTCUSDT_2024-12-17_11-08-59-1024x472.png" alt="" class="wp-image-118237" srcset="https://thenewscrypto.com/wp-content/uploads/2024/12/BTCUSDT_2024-12-17_11-08-59-1024x472.png 1024w, https://thenewscrypto.com/wp-content/uploads/2024/12/BTCUSDT_2024-12-17_11-08-59-300x138.png 300w, https://thenewscrypto.com/wp-content/uploads/2024/12/BTCUSDT_2024-12-17_11-08-59-768x354.png 768w, https://thenewscrypto.com/wp-content/uploads/2024/12/BTCUSDT_2024-12-17_11-08-59-1536x708.png 1536w, https://thenewscrypto.com/wp-content/uploads/2024/12/BTCUSDT_2024-12-17_11-08-59.png 1814w" sizes="auto, (max-width: 1024px) 100vw, 1024px">
</figure> 
The RSI currently reads 70.62, indicating overbought conditions. This suggests a possibility of short-term consolidation or a mild <a href="https://thenewscrypto.com/bitget-token-hits-new-ath-amid-the-crypto-market-correction/" target="_blank" rel="noreferrer noopener">correction</a>. However, the RSI average at 64.90 highlights steady bullish strength. 
The 9-day MA crossing above the 21-day MA confirms bullish sentiment. This crossover often indicates strong buying pressure and signals a continuation of the uptrend. As BTC holds above both moving averages, traders expect further <a href="https://thenewscrypto.com/crypto-market-bull-run-2024-key-trends-to-maximize-gains/" target="_blank" rel="noreferrer noopener">gains</a> in the near term. 
With ETF inflows, adoption growth, and macro factors aligned, BTC remains poised for further gains. The 2024 halving and institutional demand could push Bitcoin closer to Bitfinex’s $160K forecast. However, analysts advise caution, as volatility persists. Highlighted Crypto News Today <a href="https://thenewscrypto.com/solana-price-traverses-downwards-while-bulls-drive-crypto-market/" target="_blank" rel="noreferrer noopener">Solana Price Traverses Downwards While Bulls Drive Crypto Market</a>

Bitcoin Soars to New ATH Amid $172M Mt. Gox Transfers

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