Bitcoin is in need of a new significant trigger to elevate its price as analysts caution about the possibility of a turbulent month ahead. According to Glassnode, Bitcoin could risk deeper corrections unless it surpasses the pivotal 117,100 mark. Currently, Bitcoin is trading around 110,840, about 5% below that critical threshold.

Bitcoin has seen a decrease of 4.19% over the last month. Source: CoinMarketCap

“Historically, a failure to maintain this level often signals extended corrections,” Glassnode added, noting that recent profit-taking among long-term holders might indicate a diminishing demand.

Shubh Varma, CEO of Hyblock Capital, anticipates a month filled with volatility, hinting at potential fluctuations between $116,000 and $120,000. He stated that, while a market consolidation seems inevitable following a crash, several signs still indicate a promising outlook for Bitcoin.

“ETF contributions have remained robust, and the spot trading volume appears healthy,” Hyblock pointed out. Just before last Friday’s market downturn that saw Bitcoin briefly touch $102,000, Bitcoin ETFs based in the US enjoyed substantial inflows totaling approximately $5.96 billion over a nine-day stretch.

Sustained rate cuts from the US Federal Reserve might serve as another positive catalyst for Bitcoin. Generally, lower interest rates render traditional investments less appealing, thus encouraging a switch towards riskier assets like cryptocurrencies.

Matt Mena, a crypto research strategist at 21Shares, expressed optimism stating that with the recent liquidations and expected easing of policies, the end of the year is shaping up favorably for Bitcoin. He predicts a possible advancement towards $150,000 as institutional investments continue.

Meanwhile, other analysts, including Arthur Hayes of BitMEX and Joe Burnett from Unchained, forecast Bitcoin surging to $250,000 by the close of 2025.

For more detailed analysis, down to the individual metrics, check out the relevant articles linked.