NAIROBI (CoinChapter.com) — Bitcoin’s recent price action, featuring a rare “Darth Maul” candle, has sparked optimism among investors, with many interpreting the pattern as a signal for further upward momentum. Despite volatility, analysts suggest that Bitcoin’s ongoing bull run could extend beyond $100,000, propelled by institutional demand and growing retail interest.
Bitcoin Crashes to $92K, Liquidations Hit $1 Billion
Bitcoin’s journey from a record $104,000 to a sharp drop below $92,000 on Dec. 5 sent shockwaves through the market. The 10% nosedive erased over $1 billion in liquidations within 24 hours, according to CoinGlass. Long positions bore the brunt, with $810 million wiped out, highlighting traders’ risks in chasing extreme price levels.
IncomeSharks, a crypto analyst, emphasized that the “Darth Maul” candle often traps traders before a decisive market move. The current pattern could signal a rally fueled by new capital inflows.
Bitcoin’s Open Interest (OI) surged to $129 billion, while daily trading volume hit $466 billion, reflecting strong investor activity. However, subdued trading compared to the hype suggests a consolidation phase before the next rally.
BTC to Hit $200K? Analysts Weigh In
Standard Chartered analyst Geoff Kendrick projects BTC could reach $200,000 by 2025, driven by institutional adoption from U.S. retirement funds and sovereign wealth funds. Cathie Wood of ARK Invest echoed the sentiment, calling Bitcoin “a bigger idea than gold,” despite its $2 trillion market cap compared to gold’s $15 trillion.
CryptoQuant founder Ki Young Ju urged investors to hold their coins, arguing that Bitcoin’s peak is far from reached, even if it dips below the $100,000 level. Regulatory shifts, such as the potential appointment of pro-crypto Paul Atkins as SEC chair, are expected to attract more capital.
Bitcoin’s consolidation near $97,000, combined with bullish institutional flows, suggests another rally could be on the horizon. Analysts point to the “Darth Maul” candle as a setup for explosive price action. However, maintaining support above $92,000 is critical for momentum.
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