The price of Bitcoin (BTC) experienced severe turbulence last week, falling almost 5% and hitting a local bottom of $95,000 on Wednesday. While the crypto market leader has since seen the market bounce back above $101,000, BTC has fallen into consolidation again, sparking much speculation about its next price move.
Strong Bitcoin Support Wall to Maintain Bullish Advance
On December 13, popular cryptocurrency expert Ali Martinez celebrated an important event in the Bitcoin market. Using data from IntoTheBlock, Martinez shared that recent investor activity has formed a strong wall of support for Bitcoin between $94,300 and $100,250.
Notably, a total of 2.25 million individual wallets purchased 2.18 million BTC worth $220.75 billion at both price levels, forming a physiological barrier where buying pressure is likely to prevail.
With Bitcoin yet to cross the $103,000 mark despite impressive price gains over the past two months, this massive buying at such high price levels suggests a strong bullish low that could fuel future price gains once prices retest.
However, investors should be aware that sharp declines in prices, such as the recent sharp drop in prices below the designated support wall, can trigger a large number of stop loss orders and initiate panic selling, causing prices to fall sharply. In this case, BTC will likely fall to $92,000, where the next significant support zone lies.
What’s next for BTC?
In terms of short-term price movements, Bitcoin is still expected to record significant price gains through the end of the year based on the asset’s previous performance following the presidential election. This bullish sentiment is further supported by persistently elevated inflows into the Bitcoin ETF spot market, indicating strong institutional interest in the leading cryptocurrency.
Interestingly, Martinez postulates that if the leading cryptocurrency repeats its price performance of the 2015 and 2018 price cycles, it will likely reach the top of the market in October 2025. However, if Bitcoin mirrors its short-term bullish momentum from the 2011 price cycle, it would mean the asset has already locked in its peak price for that bullish move with no further gains tonight.
At the time of writing, BTC is trading at $101,956 after a price increase of 1.08% over the past 24 hours. However, the asset’s trading volume decreased by 20.53%, indicating a decline in trading activity and market participation.
On higher timeframes, Bitcoin continues to make significant gains, gaining 12.88% over the past 30 days.
