BTC (BTC) price has broken through $100,000 for the first time since the beginning of this month, seen as one of the most important milestones of the 2024/2025 Bull Market period. However, in preparation for the parabolic altcoin season in 2025, the rapid rotation of encryption cash to large and medium altcoins has suppressed the previous bullish sentiment of BTC.

In the past two weeks, this flagship token has fallen by more than 14%, trading at around $933,000 during the London midday trading session on Monday, December 30th. As BTC prices have consistently remained below the 50-day moving average (MA) within daily timeframes, it is safe to assume that short-term bears have the upper hand.

According to Brandt's chart, the mid-term target for BTC price

According to veteran trader Peter Brandt, the price of BTC has been hovering near a critical crossroads, which could lead to a rebound to $120,000, or further retreat to support above $78,000. From a corrective perspective, Brandt emphasizes that within the daily timeframe, the price of BTC may be forming a potential Head and Shoulders (H&S) pattern.

Regarding the bullish rebound prospects, Brandt pointed out that the price of BTC may be forming the famous Hump Slump Bump Dump Pump (HSBDP) chart structure.

Market chart

Despite the short-term bearish outlook for BTC, institutional investors such as IBIT from BlackRock and MicroStrategy Inc. (NASDAQ: MSTR) are still actively accumulating more BTC. According to on-chain data analysis provided by Coinglass, the supply of BTC on centralized exchanges has dropped to a multi-year low, at around 2.24 million.

The issuer of the US BTC ETF has accumulated a net inflow of approximately $35.6 billion in total, with a total net asset holding of approximately $106.6 billion. However, the BTC futures open interest (OI) market has fallen by more than $7 billion in the past few weeks, hovering around $59 billion, indicating increased concerns about possible selling pressure in the medium term.