Bitcoin (BTC) price has been through a lot of turbulence over the past week, dropping nearly 5% to hit a local low of $95,000 on Wednesday. While the cryptocurrency market leader has since seen a market rally above $101,000, BTC has since returned to consolidation, prompting much speculation about its next price move.
Bitcoin’s Strong Support Wall Maintains Bullish Momentum
On Dec. 13, popular cryptocurrency 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 support wall for Bitcoin 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.
Given that Bitcoin has yet to break above $103,000 despite its impressive price rally over the past two months, these massive purchases at such high price levels offer a solid bullish floor that could fuel future price growth following a retest of the price.
However, investors should note that a sharp price drop, such as the recent sudden price drop below the highlighted support wall, could trigger a large number of stop-loss orders and initiate panic selling, resulting in a sharp price drop. In such a case, BTC will likely decline to $92,000, which is its next significant support zone.
What’s next for BTC?
In terms of short-term price movements, Bitcoin is expected to see significant price gains before the end of the year, based on the asset’s past performance following a presidential election. This bullish sentiment is further supported by continued high inflows into the Bitcoin spot ETF market, indicating strong institutional interest in the leading cryptocurrency. Interestingly, Martinez posits that if the leading cryptocurrency repeats its price performance from the 2015 and 2018 price cycles, it is likely to reach a market high in October 2025. However, if Bitcoin is mirroring its short-term bullish price performance from the 2011 price cycle, this would mean that the asset has already recorded its peak price for this bullish sequence, with no further gains tonight. At the time of writing, BTC is trading at $101,956, following a 1.08% price gain in the past 24 hours. However, the asset’s trading volume decreased by 20.53%, indicating a decline in trading activity and market share.
On the longer term, Bitcoin continues to make significant gains, with gains of 12.88% in the last 30 days.
