Red Week and Green Year for Bitcoin
Two substantial pullbacks to the lower zone of its one-month range followed Bitcoin’s breakout above $100,000 in early December. The flagship cryptocurrency’s price ranged from $90,000 to $108,000 in December, mostly between $96,000 and $102,000.
Bitcoin has lost the $100,000 support zone after hitting its latest all-time high (ATH) of $108,353 ten days ago, plunging to its lowest price in weeks. BTC missed its Christmas retest above $98,000 on Thursday and failed to reclaim it.
According to the expert, Bitcoin could witness “some strange price action in the coming weeks with desperation followed by an absolute moon mission and killer alt season.”
Meanwhile, Daan Crypto Trades labeled BTC’s price action as a “year-end breakout.” As Bitcoin trades sideways, liquidity is “increasing on both sides,” with a crucial milestone above $100,000 and an area of interest below $94,000.
Some investors have requested that the BTC chart be zoomed in to show that the cryptocurrency is still within a historical range despite its horizontal trend. Bitcoin would have risen 48.15% in Q4 and 122% overall if it ended the year at its current price.
Bitcoin risks fall to one-month lows
BTC could plunge to $86,000 if it breaks the $92,500 support zone, according to analyst Carl Runefelt. Ali Martinez warned investors about a critical BTC milestone.
He previously painted a negative picture that BTC could fall as low as $60,000, stating that some experts predicted a correction of 23% to 36%.
Martinez believes a 25% drop below $70,000 is feasible as the URPD chart shows little support below $93,806 and $92,730. “If this critical demand area doesn’t hold, we could see a sharp drop to $70,085,” he said.
If BTC sees “a sustained close above $97,300 and, more critically, a daily close above $100,000,” the analyst said that prognosis would be outdated. Martinez said reclaiming those levels could start the journey to $168,000.
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