Bitcoin Price Approaches $100,000 Amid Resistance at $99,800
The Bitcoin price is nearing the $100,000 level after significant declines in recent weeks. A crypto analyst indicates that breaking the critical resistance at $99,800 is essential for Bitcoin's next move, potentially leading to a breakout past $100,000.
Bitcoin Price Faces Resistance At $99,800
Crypto analyst Ali Martinez shared an In/Out of the Money Around Price (IOMAP) analysis showing that Bitcoin faces strong resistance between $97,500 and $99,800 as it attempts to breach $100,000 again. Around this range, approximately 923,890 wallet addresses hold over 1.19 million BTC, creating selling pressure due to holders looking to break even.
The IOMAP chart reveals green dots indicating ‘In the Money’ prices where holders are at a profit and red dots indicating ‘Out of the Money’ prices where holders incur losses. A white dot represents ‘At the Money’ at an average price of $98,676, where some wallets see neither profit nor loss.
Strong buying zones below the current price could provide support if Bitcoin experiences a pullback. Martinez forecasts that surpassing the resistance between $97,500 and $99,800 could signal the start of a bullish rally, potentially reaching new all-time highs. Currently, Bitcoin trades at $98,652, requiring a rise of over 7% to exceed its previous ATH above $104,000.
Bitcoin’s Biggest Gains To Come After Christmas
Analyst 'Crypto Rover' expresses optimism for Bitcoin’s price potential in Q4, citing historical trends where significant gains often occur post-Christmas during halving years. A price chart shows Bitcoin's performance during past halving cycles, with notable rallies following the halvings in 2012, 2016, and 2020.
Based on these historical trends, Crypto Rover predicts a potential bullish surge for Bitcoin before the end of 2024, possibly extending into 2025.
Featured image from Bloomberg Images, chart from TradingView