Analysts are divided on Bitcoin’s immediate future, but a common thread runs through their predictions: the next rally could be weeks away. While some remain cautious about a further downturn, others believe it signals a setup for a fresh all-time high. 2024 promises to be key in establishing this trend. Tom Lee of Fundstrat expects Bitcoin to reach its previous record around $125,000 by January, with the milestone above $100,000 potentially achieved before the market gains confidence. This bullish stance is attributed to a combination of expanding DeFi applications and increased institutional investment. 2023’s volatility has been driven more by global monetary signals than weakness in Bitcoin itself. The combination of hawkish commentary from the Bank of Japan and worries about tighter financial conditions weighed heavily on risk assets, including cryptocurrency. However, political considerations could further influence market trends. Kevin Hassett, a potential candidate for the Fed chair position, is seen as potentially paving the way for friendlier conditions for cryptocurrencies. This could translate to renewed capital inflows, stronger risk appetite and aggressive upside speculation for Bitcoin. However, while the broader macro cycle remains bullish, some analysts are more skeptical about the immediate future. Peter Brandt recently warned of a potential decline toward $58,000 before a rebound in momentum. Overall, most observers believe the next phase of the bull market could be around the corner, with January serving as a crucial test for this theory.