30s Summary

Bitcoin experienced a significant dip following a record high of over $108,000 on 17th December, hinting that the sell-off trend is ongoing despite the previous rally. Some industry insiders predict further decline following Trump’s potential inauguration in January 2025, while others posit that demand from institutions will enable Bitcoin to hit $145,000 by mid-2025. Meanwhile, Bitcoin ETFs have seen an increase in net assets, reaching a total of $129 billion on 16th December. This report also covers the performance of cryptocurrencies like Ether, XRP, and Dogecoin. Always perform research before investing or trading as it involves risk.

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Bitcoin had a plunge after reaching an all-time high above $108,000 on 17th December. This indicates the sell-off continues in spite of the rally. Arthur Hayes, of BitMEX, suggested that we’re likely to see crypto markets take a dive after Trump’s inauguration in January 2025. He thinks the sell-off will start once everyone realises that any changes to crypto regulations will take about a year to happen.

In contrast, analysts from Bitfinex reckon Bitcoin’s dips in 2025 will be brief thanks to high demand from institutions. They predict Bitcoin will hit $145,000 by mid-2025 and may even reach $200,000 if conditions are favourable.

Big-time Bitcoin buyers have increased collective net assets in US Bitcoin exchange-traded funds (ETFs) to over $129 billion on the 16th December. This is slightly more than US gold ETFs, as per Vetle Lund from K33 Research. Eric Balchunas, a Bloomberg ETF analyst, was stunned that Bitcoin ETFs are almost level with gold funds less than a year after their launch.

So, what’s next for Bitcoin? Will it stabilise or will the upward trend continue? How about other coins? Let’s look at the charts of the top 10 cryptos to get an idea.

Bitcoin’s price rose over the resistance line on the 16th and 17th December but couldn’t sustain these levels. Although the moving averages show buyers have the upper hand, the decline in the relative strength index (RSI) suggests the upward push is losing steam which could cause the price to consolidate in the near future.

Ether wasn’t able to overcome resistance at $4,094 on the 16th December suggesting sellers are aggressively protecting this level. It has now fallen back to the 20-day EMA ($3,775), a level buyers definitely need to watch.

XRP managed a recovery above near-term resistance at $2.65 on the 17th December, but couldn’t hold its ground. If sellers bring the price back down below the 20-day EMA ($2.25) quickly, we could see a drop to the 61.8% Fibonacci level of $1.90.

And how about Dogecoin? Sellers couldn’t keep it above the 20-day EMA ($0.40) on the 16th December, so it might have encouraged short-term holders to take their profits. This has brought the price back down to the 50-day SMA ($0.35), a key support level that’s expected to be defended by buyers.

Remember, all investing and trading comes with risk, so always do your own research before making any decisions.