Bitcoin’s price has been pretty flat lately, hovering around $98,000. After a rebound in early January 2025, everyone’s wondering: is the correction over, and are we heading for a bull market?
Key Support Levels Identified
One crypto analysis group, More Crypto Online, used the Elliott Wave Theory to analyze Bitcoin’s recent price action. They think Bitcoin might be completing a 5-wave pattern, a bullish sign suggesting a price rally. This theory basically says that market movements follow predictable patterns based on investor behavior. A 5-wave pattern, in an upward trend, usually means more gains are coming.
To confirm this bullish outlook, Bitcoin needs to break through the December 26th high of $99,900. That’s a major resistance level. However, if the price drops, More Crypto Online has identified a key support zone between $95,090 and $96,531. This should act as a cushion against a significant price fall. In a worst-case scenario with heavy selling, Bitcoin could drop to $92,950 (about a 5.5% drop from the current price).
Bitcoin Price Snapshot
At the moment, Bitcoin is trading at around $97,227, a slight increase over the last 24 hours. Daily trading volume is down, though. Over the past week, Bitcoin is up, but it’s still slightly down for the month. Despite this, it’s performed incredibly well over the past year, with gains exceeding 121%.
Investor sentiment remains positive, with the Fear & Greed Index at 73 (almost extreme greed). Some analysts even predict Bitcoin could reach $132,775 by the end of the first quarter of 2025, potentially hitting $172,192 by June, fueled by a potential pro-crypto US government.
