Bitcoin Set For Encounter With Key $99,900 Price Level – Analyst
2025-01-04
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The Bitcoin market has begun 2025 on a positive note with gains over 5% in the first four days of the year. Amidst this renewed bullish strength, Bitcoin is preparing for a vital encounter with the $99,900 capable of significantly altering its price trajectory in the short term. 
Bull Flag Or Bear Flag, Bitcoin Bulls To Call 
In an X post on January 3, crypto analyst with username Plan D shared an analytical commentary on Bitcoin’s price. Plan D stated the premier cryptocurrency is currently forming a “moon flag” that will face major resistance at $99,900. 
A “moon flag” here likely refers to a chart pattern that will result in a dramatic price gain upon confirmation. It is based on the bull flag which is a continuation pattern that occurs during an uptrend indicating potential breakout and further price gains. A bull flag is characterized by a period of consolidation after a sharp price gain followed by an uptrend.
For Bitcoin’s “moon flag” to become valid, Plan D states the asset must break and stay above $99,900, which may result in a sustained price rise to around $108,000. However, if Bitcoin fails to move above $99,900, this development may indicate confirmation of a bear flag—a bearish chart pattern that mirrors the bull flag but indicates downward momentum instead.
In this case, Bitcoin is projected to fall as low as 78,000 indicating a potential 20.3% from its current market price and 27.7% from its all-time high of $108,268. Plan D notes that while altcoins are currently a profit zone for most investors with Bitcoin Dominance on the decline, the crypto market is not safely on an upward trajectory until Bitcoin breaks above $99,900.
BTC Price Overview
At press time, Bitcoin continues to trade at $97,903 after price gains of 0.72% and 3.95% in the past one and seven days respectively. However, the premier cryptocurrency remains in the red zone on its monthly chart with a 0.77% loss
Amidst Bitcoin’s ongoing price rebound, traders are taking profit as evidenced by a recent reduction in long position on Binance from 66.33% to 56.85%. However, long positions remaining dominant over short positions by 13.7%, indicate that the majority of Binance traders still anticipate Bitcoin to maintain its current uptrend.
These bullish sentiments in the Bitcoin market are only likely to grow stronger in the coming days as Donald Trump’s presidential inauguration approaches. Many enthusiasts expect the US President-elect to lead a pro-crypto government based on his electoral campaign promises.