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As Bitcoin (BTC) continues to move sideways, investors are wondering whether the major cryptocurrency will end the year on a positive note or on a bad note. Some analysts suggest that a close above the recently lost levels could push the BTC price to new highs.
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Bitcoin Red Week, Green Year
Since crossing the long-awaited $100,000 mark in early December, Bitcoin has seen two significant corrections to the lower region of its one-month range. Throughout the month, the price of the major cryptocurrency traded between $90,000 and $108,000, and ranged between $96,000 and $102,000 during most of December.
However, since reaching an all-time high (ATH) of $108,353 ten days ago, Bitcoin has lost the $100,000 support area, falling to its lowest price in weeks. Over the past week, Bitcoin struggled to reclaim the $98,000 support area, losing a Christmas retest above that level on Thursday.
Now, the largest cryptocurrency by market cap is moving within the middle region of its monthly range, displaying a candle that “doesn’t look great but it’s not the worst either. Neutral, we still have a few more days to go,” Altcoin Sherpa said.
analyst Suggested That Bitcoin could see “some strange price movements over the next few weeks with desperation followed by an absolute moonshot and a deadly alternate season.”
Meanwhile, Daan Crypto trades Named BTC’s current price action is “Year End Cut”. He noted that as Bitcoin moves sideways, liquidity is “accumulating on both sides,” with an area of interest below $94,000 and a key level above the $100,000 mark.
Some investors asked the community to zoom out of the BTC chart, highlighting that the cryptocurrency remains within a historical range despite the horizontal trajectory. If Bitcoin finished the year at its current price, it would still post a 48.15% return in Q4 and a 122% increase in the annual time frame.
Bitcoin risk drops to one-month low
Analyst Carl Rohnfeldt It is considered Investors should keep an eye on the $92,500 support area, as a break below this horizontal level could send BTC price to $86,000. Likewise, Ali Martinez warned investors of a key level for Bitcoin.
Martinez He confirmed Investors “don’t want Bitcoin to fall below $92,730,” explaining that it is “essentially a free-fall zone” if the flagship cryptocurrency loses that level. According to the analyst, the major cryptocurrency could fall to $70,000 if it loses the key support area based on the Realized Price Distribution (URPD) chart from UTXO.
In a previous post, he explored the bearish outlook where Bitcoin could fall as low as $60,000, noting that many experts expected a correction anywhere from 23% to 36% for Bitcoin.
Martinez considers a 25% breakdown to the $70,000 level possible, as the URPD chart shows minimal support under the $93,806 and $92,730 areas. “If this important demand area does not hold, we could see a sharp drop to $70,085,” he warned.
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He also noted that Bitcoin broke below one of the “most important support areas at $97,300,” indicating a bearish outlook while it has not recovered.
However, the analyst He confirmed That these predictions will be invalidated if BTC has “a sustained close above $97,300 and, more importantly, a daily close above $100,000.” Martinez added that restoring these levels could begin the next stage towards the goal of $168,000.
As of this writing, Bitcoin is trading at $94,587, down 1.24% on the daily time frame.
Featured image from Unsplash.com, chart from TradingView.com
The post Bitcoin To End 2024 On A High Note? This Level Is Key first appeared on Investorempires.com.