The price of Bitcoin (BTC) experienced much turbulence in the past week dipping by almost 5% to reach a local bottom of $95,000 on Wednesday. While the crypto market leader has since recorded a market rebound returning to above $101,000, BTC has once again slipped into consolidation drawing much speculation on its next price movement.
Bitcoin Strong Support Wall To Maintain Bullish Drive
On December 13, popular crypto expert Ali Martinez highlighted an important development in the Bitcoin market. Using data from IntoTheBlock, Martinez shared that recent investors’ 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.
With Bitcoin yet to move past $103,000 despite its impressive price rally over the last two months, these massive purchases at such high price levels offer a strong bullish floor that can propel future price growth following a price retest.
However, investors must note that a forceful price decline like the recent flash price crash below the highlighted support wall could trigger a large number of stop-loss orders and initiate panic selling, resulting in a sharp price decline. In that case, BTC is likely to fall to $92,000 at which lies its next significant support zone.
What’s Next For BTC?
In terms of short-term price movements, Bitcoin is still expected to record significant price gains before the year runs out based on the asset’s previous performances following a presidential election. This bullish sentiment is further backed by constant heightened inflows into the spot Bitcoin ETF market which indicates strong institutional interest in the premier cryptocurrency.
Interestingly, Martinez postulates that if the premier cryptocurrency repeats its price performance from the 2015 and 2018 price cycles, it is likely to attain a market top in October 2025. However, if Bitcoin is mirroring its short bull price performance from the 2011 price cycle, it would mean the asset has already recorded its peak price for this bull run with no further gains tonight.
At the time of writing, BTC trades at $101,956 following a 1.08% price gain in the last 24 hours. However, the asset’s trading volume has declined by 20.53% indicating a fall in trading activity and market participation.
On larger timeframes, Bitcoin remains in significant profits with gains of 12.88% in the past 30 days.
Featured image from Forbes, chart from Tradingview
