However, these concerns were rather premature given that the cryptocurrency has managed to pare its losses within a relatively short span of time and turn green on the daily chart.
According to data provided by CoinGlass, nearly $40 million worth of short positions got liquidated over the past 24 hours. However, the bulls faced far stepper losses over the past 24 hours.
Bitcoin is still 12.9% away from its record high that was reached earlier this month. That said, the sudden recovery has injected some optimism into the battered crypto market.
"Byzantine General," a pseudonymous cryptocurrency trader with more than 200,000 followers, believes that the leading cryptocurrency by market capitalization could potentially outperform in the first quarter of 2025.
So far, the industry consensus appears to be that the leading cryptocurrency will keep 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.