What’s Next for Bitcoin Price?
According to technical analysis, Bitcoin has produced a higher low since December 20, suggesting that a recovery rally may be in progress. The next inflection point or a make-or-break level is $100K, which is the composite Value Area High (VAH) and also coincides with the previous month’s VAH.
A rejection here could trigger a correction to the Value Area Low (VAL) at $90,915. However, considering that a recovery bounce could have begun, investors should see a definitive breakout above $100K. In such a bullish scenario, Bitcoin price forecast hints at a move into the $102,742 to $105,300 range.
In a highly bullish case, BTC could overcome the ATH at set up a new one at $110,000.
BTC/USDT 4-hour chart
On the contrary, a rejection at VAH of $100,000 could send Bitcoin price crashing 9% to revisit the VAL at $90,915. A breakdown of this key support structure will invalidate the bullish outlook and could trigger an even bigger drop of 11% to $81,158.
This scenario wouldn’t see Bitcoin close 2024 on a positive note since December month’s gains would turn negative.
Conclusion
Additionally, technical analysis of Bitcoin’s price movement, technical indicators, and on-chain data shows that Bitcoin price will end 2024 on a positive note. The recent accumulation by whales, improving technical indicators, and the potential for a year-end rally all contribute to a bullish outlook.