BTC big dump not afraid? Analyst: all healthy pullbacks, straight to $120,000 on Christmas.

Bitcoin big dump, not afraid?

On Monday, December 10th, BTC ($BTC) faced a significant price pullback after reaching $100,000. For a while, there has been active discussion in the community about whether the Bull Market has peaked and whether it is time to take profits.

From historical data, the probability of BTC falling within a week before and after Christmas has exceeded 60% since 2017, but Steven McClurg, CEO of Canary Capital, apparently does not think so.

BTC's "healthy pullback"

Steven McClurg bluntly stated that since the approval of BTCSpot ETFs by several major institutions in early 2024, investors' interest in BTC and BTCSpot ETFs has reached an unprecedented level, which has been the main driving force behind the surge in BTC prices this year.

Although the significant pullback in BTC over the past 2 days is indeed terrifying, Steven McClurg emphasizes that Monday's decline is actually a 'healthy pullback', and BTC's price fluctuation remains stable between $90,000 and $100,000. This significant range fluctuation reflects a natural and healthy adjustment in the market, rather than a sign of a collapse.

Analyst Vetle Lunde mentioned in the report that in the past three market cycles of BTC, the average interval from the first historical high (ATH) to the next peak is about 318 days. According to this trajectory, we may still be in the process of reaching the next historical high (ATH) instead of having already peaked.

For the four-year Halving cycle of Bitcoin, Steven McClurg said the Halving effect still exists, adding that as BTC matures, the overall cryptocurrency market has begun to link with a broader macroeconomic cycle.

Christmas straight to $120,000

And from historical data, Steven McClurg pointed out that BTC usually experiences a significant surge within 6 months after the new president takes office in the United States, and Donald Trump's election in early November has already brought significant Favourable Information to the market.

Steven McClurg emphasized that Trump's promised encryption-friendly policies and Bitcoin reserves, which will be implemented after taking office, may continue to drive the encryption currency market in January 2025. Therefore, Steven McClurg believes that the current short-term fluctuations will not affect the long-term upward trend.

He predicts that in the long term, the real Bull Market peak may occur between the summer and autumn of 2025, while in the short term, there is a chance for BTC to break through $120,000 around Christmas 2024: 'It's just a matter of time, not a matter of possibility.'

[Disclaimer] The market is risky and investments should be cautious. Analyst views are for reference only. Users should refer to more diversified indicators to judge whether to invest, and consider whether any opinions, views or conclusions in this article are in line with their specific circumstances. Invest at your own risk.

"BTCbig dump not afraid? Analyst: all healthy pullback, Christmas straight to $120,000" This article was first published in "encryption city"