The price of Bitcoin (BTC) experienced a lot of turbulence last week, falling almost 5% to hit a local low of $95,000 on Wednesday. While the cryptocurrency market leader has since recorded a market rally back above $101,000, BTC has once again fallen into consolidation, generating much speculation about its next price move.
Strong Bitcoin Support Wall to Maintain Bullish Momentum
On December 13, popular crypto expert Ali Martínez highlighted an important development in the Bitcoin market. Using data from IntoTheBlock, Martinez shared that recent investor activity has formed a strong Bitcoin support wall between $94,300 and $100,250.
Notably, a total of 2.25 million individual wallets purchased 2.18 million BTC, valued at $220.75 billion, at both price levels, forming a physiological barrier where buying pressure is likely to prevail.
Given that Bitcoin has yet to break above $103,000 despite its impressive price rally over the past two months, these massive purchases at such high price levels offer a strong bullish floor that can fuel future price growth following a new price test.
However, investors should note that a sharp price drop, such as the recent sudden price drop below the highlighted support wall, could trigger a large number of stop-loss orders and initiate panic selling, which would result in a sharp drop in prices. In that case, BTC is likely to fall to $92,000, where its next significant support zone lies.
What’s next for BTC?
In terms of short-term price movements, Bitcoin is still expected to post significant price gains before the year is out based on the asset’s past performance following a presidential election. This bullish sentiment is supported by the steady increase in inflows into the Bitcoin ETF spot market, indicating strong institutional interest in the leading cryptocurrency.
Interestingly, Martínez posits that if the leading cryptocurrency repeats its price performance from the 2015 and 2018 price cycles, it is likely to reach a market high in October 2025. However, if Bitcoin is mirroring its short-term bullish price performance from the 2011 price cycle, it would mean that the asset has already recorded its peak price for this bull run with no further gains tonight.
At the time of writing, BTC is trading at $101,956 following a 1.08% price increase in the last 24 hours. However, the trading volume of the asset has decreased by 20.53%, indicating a drop in trading activity and market share.
On longer timeframes, Bitcoin continues to make significant gains with gains of 12.88% over the last 30 days.
Featured Image by Forbes, Chart by Tradingview
