Axel Adler, an analyst at CryptoQuant, said bitcoin still needed to accumulate more trading volume if it was to rise above $105,000 in January. "The market structure is still bullish and there are no clear signs of overheating," Mr. Adler said. "We lack enough volume for a strong push. So we are waiting for the market to recover from the holiday season." On January 3, Bitcoin's daily trading volume exceeded $66.70 million, down 91% from $743 million when it first broke through the $100,000 mark on December 5 last year. Despite this, analysts remain optimistic about Bitcoin's path in 2025, with forecasts ranging from $160,000 to $200,000, buoyed by expectations of improved U.S. financial policy and investors' growing risk appetite.