Bitcoin (BTC) Price Abruptly Rebounds by $3,000, Silencing Bear Market Speculation

Bitcoin, the number one cryptocurrency by market cap, has put an abrupt stop to opinion pieces about an impending bear market

Bitcoin price suddenly surged by more than $3,000 on Monday, putting an end to discussions about an impending bear market.

Earlier today, the number one cryptocurrency by market cap slipped to as low as $91,315 on the Bitstamp exchange. This marked the lowest level since Nov. 26.

The cryptocurrency's losses triggered speculation about the end of Bitcoin's bull markets.

However, these concerns were rather premature, as the cryptocurrency managed to pare its losses and turn green on the daily chart.

According to CoinGlass, nearly $40 million in short positions got liquidated over the past 24 hours. Nevertheless, the bulls faced steeper losses over the past 24 hours.

Bitcoin is still 12.9% away from its record high that was reached earlier this month. Nonetheless, the sudden recovery has instilled some optimism in the battered crypto market.

"Byzantine General," a pseudonymous cryptocurrency trader with over 200,000 followers, believes that the leading cryptocurrency by market capitalization could perform better in the first quarter of 2025.

So far, the industry consensus seems to be that the leading cryptocurrency will continue outperforming in 2025, despite some concerns about the fizzling rally.

As reported by U.Today, Mike Novogratz's Galaxy has predicted that Bitcoin could reach $150,000 during the first half of the year.

Meanwhile, Fundstrat's Tom Lee is convinced that the cryptocurrency could hit $250,000 in 2025.

The cryptocurrency is currently approaching the $95,000 level.