Bitcoin Price Charges at $90K: Will the Santa rally be a Letdown?
Bitcoin surged toward $90,000 in early Asian trading, reaching an intraday high of $89,850, a 6.5% increase from a recent low. Some analysts predict a “Santa Rally,” with possible price targets at $93,300, $98,000, $100,000, and a bullish megaphone pattern suggesting a potential rally to $120,000 if breakout occurs. However, other analysts caution that previous holiday periods have seen diminishing returns and selling pressure, with 2020’s gains being an exception. The derivatives market currently favors bulls due to a surge in short position liquidations, providing tactical upward momentum. Key support remains at $84,000–$85,600, where a significant volume of BTC was acquired; holding above this level is crucial for further price advances toward $100,000. If $84,000 support fails, the next downside target is $80,000. Analysts are divided on short-term outcomes, but upward potential exists if bulls maintain support and capitalize on current market conditions.
