Bitcoin’s price has remained relatively stable over the past 24 hours after bouncing back in early January 2025, hovering around $98,000. Speculation is growing about whether Bitcoin has moved past its correction phase and is gearing up for a bull market.
New Strong Support Area for Bitcoin Found at $95,090-$96,531
In a recent post on X on January 4, the digital asset analysis platform More Crypto Online shared insights into the current state of the Bitcoin market.
Using the Elliott Wave Theory, analysts suggested that Bitcoin’s price might have formed a potential 5-wave pattern, a sign of a bullish trend. This theory is based on the idea that financial markets follow predictable patterns due to investor psychology and market rhythms.
The completion of the 5-wave pattern in an upward direction, despite recent corrections, indicates a strong price rally for Bitcoin, signaling a move towards new highs.
To confirm this upward trend, Bitcoin needs to surpass the major resistance level at $99,900 set on December 26. In case of any pullbacks, a support zone between $95,090 – $96,531 has been identified by More Crypto Online analysts to potentially halt any downward movement.
If selling pressure intensifies, Bitcoin could drop to $92,950, representing a 5.5% decline from its current price.
Bitcoin Price Analysis
Currently, Bitcoin is trading at $97,227, showing a 0.21% increase in the last 24 hours. The daily trading volume has decreased by 17.25% to $30.03 billion. Over the past week, Bitcoin has seen a 3.57% gain, but it remains down by 3.79% for the month. Despite this, Bitcoin has been one of the best-performing cryptocurrencies in the last year, with a profit of 121.32%.
Based on data from Coincodex, investor sentiment towards Bitcoin remains bullish, with the Fear & Greed Index at 73, indicating “almost” extreme greed among investors. With the potential for a crypto-friendly US government, Coincodex analysts predict Bitcoin could reach $132,775 in the first quarter of 2025 and as high as $172,192 by June.
Featured image from Finbold, chart from Tradingview
