Bitcoin’s run above $100,000 in early December was followed by two major pullbacks to the lower region of its monthly range. The leading cryptocurrency ranged from $90,000 to $108,000 in December, with most of the time between $96,000 and $102,000.
Bitcoin lost the $100,000 support area after hitting an all-time high (ATH) of $108,353 ten days ago, falling to its lowest price in weeks. Bitcoin lost the Christmas retest above $98,000 on Thursday and failed to reclaim it.
According to the expert, Bitcoin could see “some strange price action over the next few weeks with desperation followed by an absolute moonshot and alt killer season.”
Meanwhile, Danny CryptoTrades described BTC price action as a “volatile end of the year.” While Bitcoin is trading sideways, “liquidity is building on both sides,” with a crucial milestone above $100,000 and an area of interest below $94,000.
Some investors have asked to zoom in on the BTC chart to show that the cryptocurrency is still within a historical range despite its flat trend. Bitcoin would rise 48.15% in the fourth quarter and 122% overall if it ends the year at its current price.
Bitcoin risks falling to monthly lows
BTC could drop to $86,000 if it breaks the $92,500 support zone, according to analyst Karl Ronnefeldt. Ali Martinez alerted investors about a crucial milestone for Bitcoin.
He previously presented a negative picture as BTC could drop to $60,000, noting that some experts expected a correction of between 23% and 36%.
Martinez believes a 25% drop below $70,000 is possible as the URPD chart shows little support below $93,806 and $92,730. “If this critical demand area does not hold, we could see a sharp drop to $70,085,” he said.
If BTC has a “sustainable close above $97,300, and more importantly, a daily close above $100,000,” the analyst said, that prediction would be outdated. A recapture of those levels could start a journey to $168,000, Martinez said.