Bitcoin and BTC: A Potential New Record High if the Brick Wall is Breached

Saturday, 21 December 2024, 10:54

Bitcoin (BTC) is on the verge of breaking through a crucial resistance zone that could send its price soaring past previous record highs. With on-chain data revealing significant accumulation between $97,500 and $99,800, investors are eager for a breakout. If Bitcoin can surpass this 'brick wall,' a new era of price optimism may be upon us.
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Bitcoin and BTC: A Potential New Record High if the Brick Wall is Breached

Bitcoin's Price Movement and Resistance Levels

Bitcoin (BTC) is currently pushing to reclaim its six-figure valuation after recently flirting with a drop below $90,000. Critical data suggests a significant buying pressure near the $97,500 to $99,800 range, where over 924,000 addresses have accumulated more than 1.19 million BTC.

On-Chain Insights from Analysts

Crypto analyst Ali Martinez has termed this price zone as a 'brick wall' due to the large volume of Bitcoin accumulated here. He remarked that a successful breach of this wall could propel Bitcoin towards new all-time highs.

Market Sentiment and Future Projections

Currently, approximately 583,460 BTC are profitable, with a majority holding at higher price levels awaiting recovery. A breakthrough in this range could incite ‘Fear of Missing Out’ (FOMO) among sidelined investors, signaling potential bullish momentum.

  1. Bitcoin's recent dip to $92,000 is seen as a healthy correction.
  2. Key technical levels for BTC include $90,000 as critical support.
  3. Projections indicate possible price targets of $113,968, $138,794, and $163,620.

Conclusion on Bitcoin's Outlook

With Bitcoin trading at approximately $98,510, the market sentiment remains mixed. Investors are hopeful that sustained bullish activity could help Bitcoin break the $99,000 mark and aim for new records.


This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.


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