Bitcoin To End 2024 On A High Note? This Level Is Key
As Bitcoin (BTC) continues to trade sideways, investors are wondering whether the flagship cryptocurrency will end the year on a positive note or a bearish note. Some analysts say a close above recent losses could push BTC prices to new highs.
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Bitcoin’s Red Week, Green Year
Since breaking through the long-awaited $100,000 mark in early December, Bitcoin has experienced two major breakouts correct to the lower area of the one-month range. The price of the flagship cryptocurrency traded between $90,000 and $108,000 throughout the month, having spent most of December hovering between $96,000 and $102,000.
However, since reaching its latest 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. BTC has struggled to recapture the $98,000 support area over the past week, failing when it retested the level on Christmas Day on Thursday.
Now, the largest cryptocurrency by market capitalization is trading in the middle area of its monthly range, showing a candle that “doesn’t look good, but it’s not the worst either.” Neutral, still a few days away,” as Altcoin Sherpa said.
analyst suggestion Bitcoin may “see some strange price action over the next few weeks, along with despair, followed by an absolute moonshot and a killer altcoin season.”
Meanwhile, Daan Crypto trading called Bitcoin’s current price trend is a “year-end decline.” He noted that liquidity is “increasing on both sides” as Bitcoin trades sideways, with areas of interest below $94,000 and key levels above the $100,000 mark.
Some investors are asking the community to shrink BTC’s charts, emphasizing that the cryptocurrency is still in historical Despite the range of horizontal trajectories. If Bitcoin ends the year at its current price, it would still have a 48.15% return in the fourth quarter and a full-year gain of 122%.
Bitcoin Risk Drops to One-Month Low
Analyst Carl Runefeldt consider Investors should keep an eye on the $92,500 support area as a fall below this level could push the price of BTC to $86,000. Likewise, Ari Martinez warned investors about Bitcoin’s critical levels.
Martinez assertive The investor “does not want Bitcoin to fall below $92,730,” explaining that if the flagship cryptocurrency fell below that level, it would “basically be in free fall territory.” The analyst said the flagship cryptocurrency could fall to $70,000 if it loses a key support area based on the UTXO Realized Price Distribution (URPD) chart.
In a previous post, he explored The bearish outlook suggests that BTC could fall to $60,000, noting that several experts predict a 23% to 36% correction for BTC.
Martinez believes a 25% plunge to the $70,000 mark is possible as the URPD chart shows minimal support below the $93,806 and $92,730 areas. “If this key demand area does not hold, we could see a sharp drop to $70,085,” he warned.
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He also pointed out that Bitcoin fell below “one of the most important support areas at $97,300,” indicating a bearish outlook for Bitcoin, but it has not yet recovered.
However, analysts assertive This prospect will be invalidated if BTC “sustains a close above $97,300 and, more importantly, a daily close above $100,000.” Martinez added that a return to these levels could start the next phase towards the $168,000 target.
As of this writing, Bitcoin is trading at $94,587, down 1.24% on a daily basis.
Featured image from Unsplash.com, chart from TradingView.com
