Bitcoin is slightly down at the time of writing as it hovers above the $94,000 mark, well below its all time high over more than $108,000. Despite this second consecutive weekly decline, Bitcoin is still on track to end 2024 with gains of over 100%. This is due to optimism about President-elect Donald Trump’s pro-crypto stance and comments from Russian President Vladimir Putin, who recently praised Bitcoin’s resilience compared to the U.S. dollar (UUP).
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Putin highlighted how Bitcoin has the ability to evade restrictions, stating, “For example, Bitcoin, who can prohibit it? No one.” Russian Finance Minister Anton Siluanov also added to the momentum this week after suggesting on national TV that the country could expand Bitcoin use to circumvent Western sanctions. This could potentially add a new major buyer to the crypto market and strengthening demand.
Is Bitcoin a Buy?
Although Russia might add demand going forward, for the time being, Bitcoin might drop to $80,000, according to market expert Aksel Kibar. In an X post, Kibar pointed out a possible head-and-shoulders pattern forming on Bitcoin’s daily chart—a common sign that an upward trend could reverse. He explained that if the pattern’s “right shoulder” becomes more pronounced, it could trigger a pullback, pushing Bitcoin down to the $80,000 level.
On the other hand, when using TipRanks’ technical analysis tool, the indicators seem to point to a more positive outlook for Bitcoin. Indeed, the summary section pictured below shows that 13 indicators are Bullish, compared to six Neutral and three Bearish indicators.
