Bitcoin recently experienced a 4.2% surge, nearing the $95,000 mark, prompting speculation about a potential New Year rebound. Despite ending the year with some volatility, Bitcoin could rally if it maintains its price above the $94,700 support level, according to analyst Ali Martinez.
Martinez emphasizes the importance of holding this level to secure a short-term rebound, highlighting it as a critical support zone. In contrast, a dip below $92,500 could invalidate the bullish outlook and potentially drive Bitcoin down to $70,000, primarily due to minimal support indicated by the UTXO Realized Price Distribution (URPD) chart.
James Van Straten adds perspective, noting that Bitcoin's current price cycle aligns with previous cycles, known for corrections post-halving. He suggests the ongoing fluctuations are typical and reflect an elongated cycle pattern. As the moment stands, Bitcoin is trading just under $95,000, with a modest daily increase.
