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Analyst Identifies Bitcoin Key Support Levels Amid Rebound Challenge – Details

The price of Bitcoin has shown no significant movement in the past day following a price rebound at the start of January 2025. Currently trading near $98,000, speculation is mounting about whether Bitcoin has exited its correction phase, with high expectations of an impending bull market. Related Reading: Short-Term Bitcoin Holders See 10% Profit – Potential Impact On Price? Strong Bitcoin Support Zone Emerges Between $95,090-$96,531 In an X post on January 4, digital asset analysis platform More Crypto Online shared an insight on the present state of the Bitcoin market. With the application of the Elliott Wave Theory, these analysts deduced that Bitcoin’s price may have developed a potential 5-wave pattern which can be indicative of a bullish movement. For context, the Elliott Wave Theory works on the basis that financial markets move in predictable patterns due to investor psychology and natural market rhythms. The 5-wave pattern also known as the impulsive wave pattern generally moves in the direction of the larger trend. With Bitcoin still in a bullish shape despite recent corrections, the completion of the 5-wave pattern to the upward direction indicates a strong price rally i.e. BTC is out of correction with a focus on new highs. However, in order to solidify this notion of impending new all-time highs, Bitcoin must break above the December 26th price peak of $99,900 which represents a major resistance level. In the advent of any rejections/retracements amidst this bullish charge, the crypto analysts at More Crypto Online have pinpointed a significant support zone between $95,090 – $96,531 capable of acting as a cushion for retest. Albeit, if there is an overwhelming selling pressure, Bitcoin could slide as low as $92,950 representing a potential 5.5% fall from its current market price. Related Reading: Dogecoin Weekly RSI Approaches The MA Line, Can Price Resume Uptrend To Break $0.74 ATH? BTC Price Overview At the time of writing, Bitcoin is trading at $97,227 reflecting a 0.21% gain in the past 24 hours. Meanwhile, the asset’s daily trading volume has dipped by 17.25% and is valued at $30.03 billion. Bitcoin has also risen 3.57% over the past week but remains down 3.79% for the month. The premier cryptocurrency remains one of the best-performing coins in the last year having a profit of 121.32% in this timeframe. According to data from Coincodex, sentiments in the BTC remain bullish with the Fear & Greed Index now at 73 reflecting an “almost” extreme greed among investors. With the crypto bull market set to take off with the potential of a pro-crypto US government on the horizon, the analysts at Coincodex predict Bitcoin to reach $132,775 in the first quarter of 2025, and rise as high as $172,192 by June. Featured image from Finbold, chart from Tradingview Bitcoin World

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Analyst Sees Bitcoin (BTC) and Crypto Getting Pinned Down Until Later This Month – Here’s Why

A crypto veteran believes Bitcoin ( BTC ) and the rest of the digital asset market will remain listless in the first few weeks of 2025. Pseudonymous trader The Crypto Dog tells his 853,00 followers on the social media platform X that he thinks the market will not regain bullish momentum until President-elect Donald Trump is sworn into office. The analyst believes that Trump’s inauguration on January 20th will act as a strong catalyst that sends Bitcoin and altcoins to greater heights. “The inauguration likely acts just the same as election day – it’s going to pin us down until it’s over. We’re not exactly bearish, but we’re probably not going higher until Trump is in office. Just had a bunch of people excited longing the highs, they probably get rinsed now.” Looking at historical data, The Crypto Dog notes that Bitcoin rallied in 2021 after President Joe Biden took over the White House. “You can see how we behaved Jan 2021… Downtrend until inauguration then ripped +100% afterward.” Source: The Crypto Dog/X The analyst also notes that the same behavior can be seen during the 2017 cycle. “2017 breakout happened pretty much right on inauguration.” Source: The Crypto Dog/X While the analyst says historical trends call for more consolidation, he notes that his stance will be invalidated if the S&P 500 continues to show strength. “Looks like post-election January is pretty much up only for equities. Since the [launch of Bitcoin exchange-traded funds] we’ve been pretty lockstep so up only makes plenty of sense.” At time of writing, Bitcoin is worth $98,219. Don`t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox Check Price Action Follow us on X , Facebook and Telegram Surf The Daily Hodl Mix Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing. Generated Image: DALLE3 The post Analyst Sees Bitcoin (BTC) and Crypto Getting Pinned Down Until Later This Month – Here’s Why appeared first on The Daily Hodl . Bitcoin World