Is Bitcoin Ending 2024 On A High Note? Analysts Say This Level Is Key
2024-12-28
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As Bitcoin (BTC) continues to move sideways, investors wonder whether the flagship crypto will end the year positively or on a sour note. Some analysts suggest a close above recently lost levels could propel BTC’s price to new highs.
Bitcoin’s Red Week, Green Year
Since breaking past the long-awaited $100,000 barrier in early December, Bitcoin has seen two significant corrections to the lower zone of its one-month range. Throughout the month, the flagship crypto’s price has traded between $90,000 and $108,000, hovering between $96,000 and $102,000 for most of December.
However, since reaching its latest all-time high (ATH) of $108,353 ten days ago, Bitcoin has lost the $100,000 support zone, falling to its lowest price in weeks. Over the past week, BTC has struggled to reclaim the $98,000 support zone, losing its Christmas retest above this level on Thursday.
Now, the largest crypto by market capitalization moves within the mid-zone of its monthly range, displaying a candle that “doesn’t look great but also not the worst. Neutral, and still a few more days to go,” as Altcoin Sherpa stated.
The analyst suggested that Bitcoin could see “some weird price action over the next few weeks with despair followed by an absolute moon mission and killer alt season.”
Meanwhile, Daan Crypto Trades called BTC’s current price action the “end of the year chop.” He noted that as Bitcoin moves sideways, liquidity is “building on both sides,” with an area of interest below $94,000 and a key level above the $100,000 mark.
Some investors asked the community to zoom out on BTC’s chart, highlighting that the cryptocurrency remains within a historical range despite the horizontal trajectory. If Bitcoin were to end the year at its current price, it would still record a 48.15% return in Q4 and a 122% increase in the yearly timeframe.
Bitcoin Risks Fall To One-Month Lows
Analyst Carl Runefelt considers that investors should watch the $92,500 support zone, as breaking below that horizontal level could send BTC’s price to $86,000. Similarly, Ali Martinez warned investors about a key level for BTC.
Martinez asserted that investors “don’t want Bitcoin to dip below $92,730,” explaining that it is “essentially free fall territory” if the flagship crypto loses that level. According to the analyst, the flagship crypto could fall as low as $70,000 if it loses the key support zone based on the UTXO Realized Price Distribution (URPD) chart.
In a previous post, he explored a bearish outlook where BTC could fall as low as $60,000, noting that several experts forecasted a correction anywhere from 23% to 36% for BTC.
Martinez considers a 25% crash to the $70,000 mark possible, as the URPD chart shows minimal support below the $93,806 and $92,730 zones. “If this critical demand area doesn’t hold, we could see a sharp drop to $70,085,” he warned.
He also pointed out that Bitcoin broke below one of its “most significant support zones at $97,300,” which suggests a bearish outlook while it isn’t reclaimed.
However, the analyst asserted that this outlook would be invalidated if BTC has “a sustained close above $97,300 and, more critically, a daily close above $100,000.” Martinez added that reclaiming these levels could start the next leg toward the $168,000 target.
As of this writing, Bitcoin is trading at $94,587, a 1.24% decrease in the daily timeframe.