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Bitcoin price is approaching the $100,000 level and after that it experiences a significant decrease these past weeks. The crypto analyst pointed out that the critical resistance level at $99,800 is important for Bitcoin’s next move. If the pioneering cryptocurrency were to break through this level, it could cause a major breakout, potentially pushing 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 the Inside/Outside Money Around Price (IOMAP) analysis of the distribution of Bitcoin wallets based on their purchase price. According to the analyst, the Bitcoin price is facing extreme resistance between the $97,500 and $99,800 price levels as it tries to break $100,000 again.
Martinez noted that in this price range, approximately 923,890 wallet addresses had purchased more than 1.19 million BTC. This price area serves as an important resistance level because many Bitcoin holders may look to sell and break, potentially using leverage. sales pressure.
In the IOMAP chart shared by Martinez, the green dots that show ‘In the Money’ represent price levels below the current Bitcoin price, where wallet holders make a profit because they bought BTC at a lower price. On the other hand, the red dots representing ‘Out of Cash’ show the price levels of the current Bitcoin price, where the wallet those in charge are lost because they bought BTC at a higher price.
Finally, the white dot shows ‘In the Money’ and represents the current price of Bitcoin at an average of $98,676, where other crypto wallets see no profit or loss.
Below the current price of Bitcoin, the chart shows strong buying areas, which can provide strong support if the cryptocurrency pioneers possible pullback. Martinez predicted that crossing the key resistance range between $97,500 and $99,800 will signal the start of bullish rally for Bitcoinwhich could lead it to a new all-time high.
Currently, the price of Bitcoin is trading at $98,652, rising slightly to return to the previous high of over $100,000. In a new for all timeBitcoin would have to rise more than 7%, surpassing its current ATH above $104,000.
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Big Bitcoin Profits Coming After Christmas
A popular crypto analyst identified as ‘Crypto Rover’ has it revealed optimism about the near-term price of Bitcoin this Q4. According to the analyst, Bitcoin has historically experienced it a lot important benefits just after Christmas within half a year.
The analyst shared a price chart that shows the performance of the Bitcoin market at each time half cycle. During the 2012 halving, Bitcoin began a significant price rally, which was extended the following year. The same bullish trend occurred in the following half years in 2016 and 2020, when Bitcoin hit high prices.
Based on this historical trend, Crypto Rover projects that Bitcoin could witness a similar bullish rise before the end of 2024, while the rally may continue into 2025.
Featured image from Bloomberg Images, chart from TradingView
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