Over the past 24 hours, the value of Bitcoin hasn’t made a substantial change, after experiencing a price surge at the beginning of January 2025. At present, it’s hovering around $98,000, leading to increased conjecture about whether this cryptocurrency has already emerged from its corrective phase and is on the verge of another bull run.
Strong Bitcoin Support Zone Emerges Between $95,090-$96,531
On January 4th, a digital asset analysis platform called More Crypto Online posted some insights about the current condition of the Bitcoin market.
Using the Elliott Wave Principle, these analysts reasoned that Bitcoin’s price might have formed a possible 5-wave structure, which often signals an upward trend. In simpler terms, this theory suggests that financial markets exhibit recurring patterns based on investor behavior and market cycles.
In simpler terms, if Bitcoin’s overall trend is bullish (going up), completing a five-wave pattern in an upward direction suggests a significant increase in its price, as it seems to have finished correcting and is now focusing on reaching new highs. This pattern, often called the impulsive wave pattern, usually follows the general direction of the larger trend.
To strongly confirm that Bitcoin is on its way to setting new record highs, it needs to surpass the previous peak of $99,900 from December 26th. This level serves as a significant barrier. If there are any reversals or pullbacks in this bullish trend, the crypto experts at More Crypto Online have identified a substantial support area ranging between $95,090 and $96,531. This zone could potentially soften the impact during a retest.
Even if there’s a strong push to sell, Bitcoin might drop down to around $92,950, which would represent a possible 5.5% decrease from its current value in the market.
BTC Price Overview
Currently, Bitcoin is being exchanged at approximately $97,227, showing a modest increase of 0.21% over the past day. However, its daily trading volume has decreased by about 17.25%, now standing at around $30.03 billion. Over the last week, Bitcoin has seen an uptick of 3.57%, but it’s still experiencing a slight monthly loss of 3.79%. Despite this, Bitcoin continues to be among the top-performing cryptocurrencies in the past year, having generated a profit of approximately 121.32% within that timeframe.
Based on information from Coincodex, the general sentiment towards Bitcoin (BTC) is overwhelmingly optimistic, as indicated by a Fear & Greed Index of 73, suggesting that investors are showing almost extreme enthusiasm. Given the possibility of a pro-crypto administration in the U.S., analysts at Coincodex foresee Bitcoin reaching $132,775 during the first quarter of 2025 and potentially peaking at $172,192 by June.
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2025-01-05 12:40