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The Bitcoin price prediction shows BTC sliding toward the downside as the cryptocurrency could create another low at $95,000.
Bitcoin Prediction Data:
- Bitcoin price now – $97,816
- Bitcoin market cap – $1.92 trillion
- Bitcoin circulating supply – 19.79 million
- Bitcoin total supply – 19.79 million
- Bitcoin Coinmarketcap ranking – #1
Bitcoin (BTC) has seen an extraordinary rise since its all-time low of $0.04865 on July 14, 2010, appreciating by over 199,280,707.22%. Recently, it reached an all-time high of $108,268.45 on December 17, 2024, though it is currently trading between $95,384.80 and $99,507.10, reflecting a 10.46% drop from its peak. This performance highlights the immense potential of early investment in the crypto market, showcasing Bitcoin’s remarkable journey from a modest value to a dominant digital asset.
BTC/USD Long-term Trend: Bullish (Daily Chart)
Key levels:
Resistance Levels: $110,000, $115,000, $120,000
Support Levels: $85,000, $80,000, $75,000
Taking a closer look at BTC/USD with an analytical perspective, the market highlights the significance of the $96,300 support level. This level undergoes multiple tests and holds firmly, indicating strong market acceptance within this price range. The stability around key support levels fosters efficiency in price action, which is crucial for sustaining market confidence. The bearish pressure on Thursday also respects this support, confirming its strength. Maintaining a position above this critical level is a bullish signal, reflecting the market’s resilience despite ongoing challenges.
Bitcoin Price Prediction: Bitcoin Price May Slide Below $96k
From a technical standpoint, USD dominance has turned bullish, creating headwinds for Bitcoin. On the daily chart, Bitcoin maintains a semblance of an uptrend. However, the current chart paints a less optimistic picture, with the $99,000 resistance emerging as a pivotal barrier. Breaking above this level is necessary to resume a bullish trajectory. Still, such a move seems unlikely in the near term, particularly given the seasonally low trading volumes and heightened volatility often observed during the holiday period. This combination of factors suggests that Bitcoin is more likely to trade sideways in the coming weeks.
Nevertheless, a drop below the channel’s lower boundary could be detrimental to Bitcoin as it could lead the coin back to the previous supports at $85,000, $80,000, and $75,000. Meanwhile, if the buyers can rebound from the current level of $97,816.06, the first level of resistance could lie at $100,000. Above this, further resistance is expected at $105,000. This may likely be followed by the potential resistance levels at $110,000, $115,000, and $120,000. Presently, the 9-day moving average remains above the 21-day moving average, suggesting that the king coin may consolidate a little before heading to the south.
BTC/USD Medium-term Trend: Ranging (4H Chart)
The Bitcoin (BTC/USD) chart on the 4-hour chart shows a descending channel, reflecting bearish momentum in the short term. The price is currently trading around $97,745, which is below both the 9-day ($97,358.53) and 21-day ($99,243.45) moving averages (MAs). This alignment indicates continued selling pressure. Resistance at $105,000 aligns with the upper boundary of the descending channel, presenting a significant hurdle for bulls. A breakout above this level, coupled with a crossover of the 9-day moving average above the 21-day moving average, could signal a potential trend reversal and push prices higher.
On the downside, the key support level at $90,000 coincides with the lower boundary of the descending channel. If the price breaks below this level, the bearish trend could accelerate, targeting further lows. Volume analysis suggests declining participation, which could lead to a consolidation phase before the next significant move. Traders should closely watch the 9-day MA for signs of recovery; however, unless the price can sustainably trade above the 21-day MA and exit the descending channel, the overall trend remains bearish.
Meanwhile, @LordOfAlts advised his followers on X (formerly Twitter) to be cautious of potential short positions on $BTC. He noted that if Bitcoin breaks below its current 4-hour uptrend, it could trigger a downward move, targeting at least $86K.
$BTC beware of potential shorts
If Bitcoin breaks below of this 4 hours uptrend, we will go for shorts until 86k atleast.. pic.twitter.com/QTYNz3a5jy
— Henry (@LordOfAlts) December 21, 2024
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