The price of Bitcoin (BTC) has seen a lot of turbulence over the past week, falling almost 5% to a local low of $95,000 on Wednesday. While the crypto market leader has since seen a market rebound back above $101,000, BTC has once again fallen into consolidation, sparking widespread speculation about its next price move.
A Strong Wall of Support for Bitcoin to Maintain Bullish Momentum
On December 13, popular crypto expert Ali Martinez highlighted an important development in the Bitcoin market. Using data from IntoTheBlock, Martinez shared that recent investor 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 .
While Bitcoin has yet to surpass $103,000 despite its impressive price rise over the past two months, these massive purchases at such high price levels provide a solid bullish floor that can propel future price growth after a new price test.
However, investors should note that a sharp price decline, such as the recent flash price crash below the highlighted support wall, could trigger a large number of stop-loss orders and trigger panic selling, resulting in a sharp drop in prices. In this case, BTC will likely fall to $92,000, which is its next important support zone.
What’s next for BTC?
In terms of near-term price movements, Bitcoin is still expected to see significant price gains before the end of the year, based on the asset’s previous performance following a presidential election. This bullish sentiment is further supported by consistent and increased inflows into the Bitcoin ETF spot market, indicating strong institutional interest in the premier cryptocurrency.
Interestingly, Martinez posits that if the leading cryptocurrency repeats its price performance from the 2015 and 2018 price cycles, it will likely reach a market peak in October 2025. However, if Bitcoin mirrors the short-term bull price performance of the 2011 price cycle, it would mean that the asset has already recorded its peak price for this bull run with no further gains tonight.
At the time of writing, BTC is trading at $101,956 after a 1.08% price increase over the past 24 hours. However, the asset’s trading volume decreased by 20.53%, indicating a decline in trading activity and market participation.
On longer time frames, Bitcoin remains seeing significant profits with gains of 12.88% over the past 30 days.
Featured image from Forbes, chart from Tradingview
