Bitcoin Price Faces Key Support Levels as Year-End Approaches
As Bitcoin (BTC) moves sideways, analysts evaluate its potential year-end performance. A close above recently lost levels may lead to new price highs.
Bitcoin's Red Week, Green Year
After surpassing the $100,000 mark in early December, Bitcoin experienced two major corrections within a one-month range, trading between $90,000 and $108,000, mostly between $96,000 and $102,000. Following its all-time high (ATH) of $108,353 ten days ago, Bitcoin fell below the $100,000 support zone, struggling to reclaim the $98,000 level.
Currently, Bitcoin is positioned in the mid-zone of its monthly range, displaying neutral price action. Analyst Altcoin Sherpa noted potential for unusual price movements over the coming weeks, suggesting a mix of despair followed by significant upward movement and an altcoin season.
Daan Crypto Trades described BTC's current trend as “the end of the year chop,” indicating liquidity buildup around key levels of interest at $94,000 and above $100,000. Investors are reminded that despite the horizontal trend, Bitcoin remains within a historical range, projecting a Q4 return of 48.15% and a yearly increase of 122% if it maintains its current price.
Bitcoin Risks Fall To One-Month Lows
Analyst Carl Runefelt emphasized the importance of the $92,500 support zone; a drop below this could push BTC down to $86,000. Ali Martinez warned against a dip below $92,730, stating it could trigger a free fall potentially leading to a decline as low as $70,000, based on the UTXO Realized Price Distribution (URPD) chart.
Martinez previously highlighted a bearish scenario where BTC might fall to $60,000, with experts predicting a correction of 23% to 36%. He considers a 25% drop to $70,000 feasible, citing minimal support below the critical zones of $93,806 and $92,730. He cautioned that failure to hold these demand areas could result in a sharp decline to $70,085.
Moreover, Bitcoin has broken below its significant support at $97,300, suggesting a bearish outlook unless reclaimed. Martinez indicated that a sustained close above $97,300 and daily closure above $100,000 could initiate a bullish trend toward the $168,000 target.
Currently, Bitcoin is trading at $94,587, reflecting a 1.24% decrease in the daily timeframe.
