Bitcoin, sideways again today as good news disappears

BTC, gave up the previous day's gains and remained range-bound at $96,000
Altcoins, following BTC's range-bound movement, continued a dull market
Experts predict "BTC may reach $124,000 by the end of the year"

Bitcoin (BTC) remained range-bound on the 29th as the positive factors that had driven the price increase dissipated.

Bitcoin broke through $97,000 the previous day and attempted to break the $100,000 mark, but then fell back and remained in the $96,000 range. The main reason for the range-bound movement is the lack of positive factors to lift the market, as profit-taking sell-offs and expectations for a new bull market are offsetting each other.

With Bitcoin's range-bound movement, most altcoins also showed a slightly bearish trend. Some low-cap altcoins recorded an increase of over 5%, helping to offset the market sentiment.

Despite the lack of special positive factors, the market has not shown a significant decline with the inauguration of the new administration led by "pro-cryptocurrency" President-elect Trump.

◇Bitcoin = As of 4 pm on the 29th, based on Upbit, the price of Bitcoin is 13,356 million won. Bitcoin's dominance rate was 58.26%.

According to on-chain analysis platform Glassnode, the long (bullish) and short (bearish) betting ratio in the Bitcoin futures market was 49.61% and 50.39%, respectively.

Experts have been consistently optimistic about Bitcoin for several days.

David Puell, an analyst at Ark Investment, said, "We expect a target price of $104,000 to $124,000 by the end of the year," and added, "Although I don't recommend it, the price movement so far has been quite in line with the forecast."

He presented historical Bitcoin price patterns and current on-chain data as evidence, saying, "I would like to classify the current market environment as the middle of a bull market," and "I can say that we have come about 55-65% from the bottom to the top."

◇Rising Coin = As of 4 pm on the 29th, based on Upbit, the cryptocurrency that recorded the largest increase compared to the previous trading day was UXLINK, which rose about 10%.

UXLINK is building a Web 3.0 social platform where users can participate, guaranteeing users complete ownership and privacy of their data, identity, and social connections. It aims to act as a bridge connecting Web 2.0 and Web 3.0, overcoming the limitations of existing social platforms.

For users, it provides various dApps and services that can be used in a group-based manner, and for developers, it supports various APIs and SDKs that can utilize users' social data. Users can easily create a UXLINK account and invite acquaintances using existing social media accounts such as Telegram. The native token of UXLINK, UXLINK, is used as a means of payment and for governance within the platform.

◇Fear and Greed Index = The Cryptocurrency Fear and Greed Index provided by Alternative is at 78 points, entering the "Greed" stage. The Greed stage is a period of high price volatility and trading volume, where prices are rising. There is a high possibility of forming a short-term peak, so caution is required when selling.

The Cryptocurrency Relative Strength Index (RSI) provided by Glassnode is 54.6, indicating a "neutral" state. RSI measures the relative strength of the upward and downward pressure on a specific asset price, indicating the degree of overbought and oversold of the asset.