CryptoQuant analyst Axel Adler stated that in order for Bitcoin to rise above $105,000 in January, it still needs to accumulate more trading volume. Adler said, "The market structure is still bullish and there are no obvious signs of overheating. We lack sufficient trading volume for strong momentum. Therefore, we are waiting for the market to recover from the holidays." On January 3, Bitcoin's daily trading volume exceeded $66.7 million, a 91% decrease from the $743 million when it first broke the $100,000 mark on December 5 last year. Nonetheless, analysts remain optimistic about Bitcoin's trend in 2025, predicting a range between $160,000 and $200,000, due to expectations of improved US financial policy and increasing investor risk appetite.