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Bitcoin Price Approaches $100,000 Level Again After experiencing significant drops these last few weeks. A crypto analyst has pointed out that the critical resistance level of $99,800 is crucial for Bitcoin’s next move. If the pioneering cryptocurrency can break above this level, it could trigger a significant breakout, potentially Driving Bitcoin Past the $100,000 Mark.
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Bitcoin price faces resistance at $99,800
Prominent crypto analyst Ali Martinez has shared a chart showing an In/Out of Money Price (IOMAP) analysis of the distribution of Bitcoin wallets based on their purchase price. According to the analyst, the Bitcoin Price Faces Extreme Resistance between the $97,500 and $99,800 price levels as it attempts to break above $100,000 again.
Martínez noted that in this price range, approximately 923,890 wallet addresses had purchased more than 1.19 million BTC. This price zone acts as an important resistance level because many Bitcoin holders may attempt to sell and break even, potentially exerting selling pressure.
On the IOMAP chart shared by Martinez, the green dots indicating “In the Money” represent price levels below the current price of Bitcoin, where wallet holders make profits because they purchased BTC at a lower value. On the other hand, the red dots representing ‘Out of the Money’ show the price levels of the current value of Bitcoin, where the wallet the headlines are lost because they bought BTC at a higher price.
Lastly, the white dot indicates “At the Money” and represents the current price of Bitcoin at an average of $98,676, where some crypto wallets see neither profit nor loss.
Below the current price of Bitcoin, the chart shows strong buy zones, which could provide strong support if the pioneering cryptocurrency experiences a decline. possible setback. Martínez has predicted that breaking the critical resistance range between $97,500 and $99,800 would signal the start of a bullish rally for Bitcoinpotentially taking it to a new all-time high.
Currently, Bitcoin price is trading at $98,652, rising steadily to return to previous highs above $100,000. still new all-time highBitcoin will need to rise more than 7%, surpassing its current ATH above $104,000.
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Bitcoin’s biggest gains will come after Christmas
A popular crypto analyst identified as ‘Crypto Rover’ has voiced optimism about Bitcoin’s near-term price potential this fourth quarter. According to the analyst, Bitcoin has historically experienced its highest significant gains just after Christmas during the halving years.
The analyst shared a price chart showing the performance of the Bitcoin market during each halving cycle. In the halving year of 2012, Bitcoin began a major price rally, which extended into the following year. The same bullish trend occurred in the following halving years in 2016 and 2020, with Bitcoin reaching exponential price highs.
Based on this historical trend, Crypto Rover projects that Bitcoin could witness a similar bullish surge before the end of 2024, and that the rally could continue until 2025.
Featured image from Bloomberg Images, chart from TradingView
