Bitcoin is currently trading above $63,000, but there is a possibility that the world’s largest cryptocurrency could hit a price between $75,000 to $80,000 by the winter holidays, according to Cointelegraph.

Although bullish forecasts have suggested bitcoin might hit $100,000 to $150,000 by 2025, the likelihood of this occurring by the end of 2024 looks improbable, according to Pav Hundal, the lead market analyst at the Australian crypto exchange Swyftx.

“The window to get to $100,000 by the end of the quarter looks very tight to me,” Hundal told Cointelegraph. “You would need everything to go right from this point on and you simply can’t be sure that is going to happen.”

“The central scenario after this break in market structure is for new all-time highs in the $75,000-80,000 range by Christmas,” Hundal explained.

Before Christmas, the U.S. crypto market is expected to face increased volatility due to market uncertainty and high-profile political events like the U.S. presidential elections. While bitcoin's value soaring to $100,000 may appear in the realm of possibility in the short-term, the macroeconomic factors are not indicative of such dramatic growth materializing in the near-term. Global economic events, regulatory ambiguity, and investor sentiment will continue to temper price growth.

However, options traders are more optimistic about bitcoin's upcoming price performance, with many expecting bitcoin to explode by up to 75% around the holidays. “Options traders on the large exchanges at the moment are positioning for a $90,000 to $110,000 strike price contract on Christmas Eve,” Hundal said, underlining that this range was “consistent over the last six months.”

Hundal also commented on the upcoming U.S. elections, arguing that both candidates “sounded open-minded,” signaling that the sector was far from imperiled after both presidential candidates appeared to support cryptocurrencies.