Bitcoin ‘Santa rally’ targets $120K as key BTC metric flips bullish

Bitcoin surged toward $90,000, fueling expectations of a 'Santa rally' with price targets reaching as high as $120,000, according to analysts. One projection, based on the measured target of a bullish megaphone pattern, suggests a 34% rally from current levels. This optimism is supported by derivatives market data showing a predominance of short liquidations, which provides 'tactical fuel for upside.' Furthermore, Bitcoin's 'Regime Score' is in the upper neutral zone, signaling a bullish but not overheated market. For this upward momentum to continue toward $100,000 or higher, maintaining the critical support level at $84,000 is essential, as investors hold significant BTC around the $84,000–$85,600 range. However, some analysts caution against over-optimism, noting historical data suggests diminishing returns during the typical 'Santa rally' window and structural similarities to 2021 when BTC saw negative returns over the holiday period.

(Source：Cointelegraph)