The Strong Rise of Bitcoin: Will the Christmas Rally Push Prices Higher?

The price of Bitcoin has been rising recently and many people believe that the price of BTC will skyrocket before the end of the year. In a recent YouTube video, Crypto Rover pointed out that throughout history, every market rally during the famous 'Santa Claus rally' has led to significant price fluctuations in Bitcoin. This year, everyone is expecting the same pattern from BTC, and there are signs that a similar occurrence may happen again. Bitcoin Breaks Key Resistance Levels In recent days, Bitcoin has struggled to surge above a significant resistance level. For example, in the short term, on the 1-hour chart, Bitcoin has formed an upward trend. The price broke through the resistance level but bounced back from a very important support level, which is another sign of the upward trend. The cryptocurrency is now heading towards the next major barrier at $123,000. Achieving this level would be a major milestone for the cryptocurrency as it would reach a new threshold. When analyzing the price trend of Bitcoin recently, there is a clear indication that the price will continue to rise further. The price of Bitcoin has been moving sideways and oscillating between two clearly defined support and resistance levels. The Fibonacci extension shows that BTC has just reclaimed the 1.618 level and is likely to rise higher from here. The next significant resistance level for the cryptocurrency could be $123,000. Santa's bull run will play a big role in BTC prices. Over the past few years, especially in 2016 and 2020, Bitcoin has skyrocketed during this time. The popularity and media coverage of Bitcoin will increase as the holiday season begins, and buying power in this festive mood will most likely push the BTC price even higher. The first strongest signal is the intersection of price increases on the daily chart of cryptocurrencies. This intersection in history has led to high price increases like the previous 55% increase. At this price level, this indicator shows that the market may witness a similar surge and could push Bitcoin to $140,000 or even $180,000 in the coming months. At the time of writing, BTC is at $107,208 with a 24-hour price change of 2.41%. Institutional Bitcoin Investment Growth In addition to technical factors, the participation of organizations in cryptocurrencies is increasing. The Bitcoin Spot ETF has received more capital inflows, with large funds still buying coins. The fact that this trend is positive is a good sign that institutional investors are gradually investing heavily in tokens. This is consistent with the current increase in BTC dominance, continuing to show that BTC is leading the market. While cryptocurrencies seem optimistic, the rest of the market is not benefiting from a similar increase. The market has seen this token rise in price while altcoins struggle to keep up with the growth rate. However, this may not be sustainable as history shows that other altcoins tend to mimic Bitcoin's actions in the later stages of a specific price increase. Other major cryptocurrencies like Ethereum may also witness a strong increase as BTC stabilizes. Bitcoin has some upward trends that are still effective to this day. Historical patterns, technical analysis, and institutional participation indicate that there is still room for growth. As cryptocurrency approaches certain resistance levels, investors are excited to see if this digital currency can surpass new highs. This year's Santa Claus rally could push BTC prices even higher, so the next few weeks are crucial for the cryptocurrency market. DYOR! #Write2Win #Write&Earn $BTC {spot}(BTCUSDT)