Bitcoin Price Above $100,000 Again? Why $99,800 Is An Important Resistance To Break

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As a seasoned crypto investor with a decade of experience under my belt, I find myself intrigued by these recent developments in the Bitcoin market. The $100,000 mark has always been an elusive yet tantalizing goal for many of us in this digital gold rush. The current resistance at $99,800, as pointed out by Ali Martinez, is indeed a formidable obstacle, but it’s nothing that Bitcoin hasn’t overcome before.

The price of Bitcoin is getting close to the $100,000 threshold once more, having faced notable drops in recent weeks. A crypto expert has highlighted that surpassing the key resistance at $99,800 could be decisive for Bitcoin’s next action. If Bitcoin manages to breach this level, it might initiate a substantial surge, possibly pushing the price of Bitcoin above the $100,000 barrier.

Bitcoin Price Faces Resistance At $99,800

Crypto expert Ali Martinez recently posted a chart illustrating an In/Out of Money Around Price (IOMAP) breakdown, which reveals the distribution of Bitcoin wallets according to their acquisition cost. As per his analysis, Bitcoin is encountering intense resistance at the $97,500 to $99,800 price range as it attempts to surpass $100,000 once more.

Martinez pointed out that in this particular price bracket, about 923,890 wallets had bought over 1.19 million Bitcoins. This price segment serves as a crucial resistance level due to the possibility of numerous Bitcoin holders aiming to sell and recoup their investment, which could potentially increase selling activity.

In the IOMAP chart provided by Martinez, the green dots signify ‘Profitable’ areas, which are prices lower than the current Bitcoin price. These individuals purchased Bitcoin at a lower cost and thus, are in profit. Conversely, the red dots denote ‘Loss’ scenarios, representing Bitcoin’s present value levels where people who bought Bitcoin at higher prices find themselves in a loss position.

As a financial analyst, I’d like to highlight that the white dot signifies ‘At the Money’, which is essentially the average current price of Bitcoin at approximately $98,676. For some cryptocurrency holders, this price point means they are neither incurring any profit nor suffering any loss.

Under Bitcoin’s current price level, the chart indicates robust areas where buying is likely to occur, these zones could act as solid foundations if Bitcoin undergoes a potential downturn. Analyst Martinez predicts that breaching the crucial resistance barrier between $97,500 and $99,800 would initiate a bullish trend for Bitcoin, possibly propelling it towards a new record high.

At the moment, the price of Bitcoin is being traded at approximately $98,652 and it’s gradually increasing towards reclaiming levels above $100,000 that were previously reached. In order for Bitcoin to reach a new record high, it needs to increase by more than 7%, exceeding its current all-time high of around $104,000.

Bitcoin’s Biggest Gains To Come After Christmas

As a researcher delving into the cryptocurrency sphere, I’ve taken notice of the bullish sentiment expressed by a well-known crypto analyst, affectionately known as ‘Crypto Rover’. This optimism stems from his belief in Bitcoin’s potential price growth in the remainder of this quarter (Q4). Remarkably, he points out that historically, Bitcoin has demonstrated its most substantial gains post-Christmas, particularly during the years when the halving event occurred.

The analyst provided a chart illustrating Bitcoin’s market trends throughout each halving phase. In the year of the 2012 halving, Bitcoin experienced a substantial surge in price that carried over into the subsequent year. Similarly, a bullish pattern emerged during the following halving years in 2016 and 2020, with Bitcoin reaching extraordinary highs at an exponential rate.

According to past patterns, it’s predicted by Crypto Rover that Bitcoin might experience a strong upward price movement around or before 2024, and this trend could persist well into 2025.

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2024-12-22 01:35