Bitcoin’s price is once again approaching the $100,000 mark after weeks of significant declines. A crypto analyst has noted that the critical resistance level at $99,800 is crucial for Bitcoin’s next move. If the pioneer cryptocurrency can break through this level, it could trigger a significant breakout, potentially propelling Bitcoin past $100,000. The price is currently trading at $98,652, steadily climbing towards previous highs above $100,000. To reach a new all-time high, Bitcoin will need to surge by over 7%, surpassing its present ATH above $104,000.
Prominent crypto analyst Ali Martinez has shared an In/Out of the Money Around Price (IOMAP) analysis indicating extreme resistance between the $97,500 and $99,800 price levels as Bitcoin attempts to breach $100,000 again. Around this price range, approximately 923,890 wallet addresses had purchased over 1.19 million BTC. This price zone acts as an important resistance level as many Bitcoin holders may look to sell and break even, potentially exerting selling pressure. The IOMAP chart shared by Martinez shows strong buying zones below Bitcoin’s current price, which could provide support in the event of a potential pullback. Breaking through the critical resistance range between $97,500 and $99,800 could signal the start of a bullish rally for Bitcoin, potentially leading to a new all-time high.
A popular crypto analyst known as the ‘Crypto Rover’ has expressed optimism about Bitcoin’s near-term price potential during this Q4. The analyst highlighted Bitcoin’s historical trend of experiencing significant gains right after Christmas during halving years. In the 2012 halving year, Bitcoin started a significant price rally that extended into the following year. Similar bullish trends occurred in the 2016 and 2020 halving years, 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, with the rally potentially continuing into 2025.
Overall, the Bitcoin price is showing signs of recovery and potential for a bullish breakout beyond the $100,000 mark. The critical resistance level at $99,800 will play a key role in determining Bitcoin’s next move. Breaking through this level could lead to a significant price rally and a new all-time high for the cryptocurrency. With strong buying zones below the current price providing support, Bitcoin’s price trajectory appears poised for further gains. Analysts are optimistic about Bitcoin’s near-term price potential, citing historical trends of significant gains after Christmas during halving years. As the crypto market continues to unfold, all eyes are on Bitcoin’s price action and its potential for a bullish surge in the coming weeks.
In conclusion, Bitcoin’s price approaching the $100,000 mark once again after experiencing significant declines is a key development in the crypto market. The critical resistance level at $99,800 will determine Bitcoin’s next move, with the potential for a significant breakout and a new all-time high. Analysts are optimistic about Bitcoin’s near-term price potential, pointing to historical trends and strong buying zones providing support. As the crypto market continues to evolve, investors and enthusiasts are closely watching Bitcoin’s price trajectory and anticipating a potential bullish surge in the coming weeks.
