Bitcoin price prediction for today, December 31 – InsideBitcoins

The bitcoin price prediction is currently moving lower and appears to be preparing for the next move below the $92,000 support level.

bitcoin Prediction Data:

• bitcoin Price Now – $92,853
• bitcoin market cap: $1.85 trillion
• bitcoin circulating supply: 19.8 billion
• Total bitcoin supply: 19.8 billion
• bitcoin Coinmarketcap Ranking – #1

bitcoin (btc) exemplifies the transformative potential of early adoption in crypto projects. With a 24-hour price range of $91,317.14 to $94,903.32, btc remains a powerhouse in the market. Since its all-time low of $0.08761 in July 2010, btc has skyrocketed by a staggering +190,696,669.81%, cementing its status as a breakthrough investment. Although it is currently -14.32% below its all-time high of $108,268.45 reached on December 17, 2024, bitcoin's unparalleled rise demonstrates the immense opportunities to get in early on game-changing technologies.

btc/USD Long-Term Trend: Bullish (Daily Chart)

Key levels:

Resistance levels: $105,000, $110,000, $115,000

Support Levels: $80,000, $75,000, $70,000

Under current market conditions, bitcoin's performance against the USD reflects a combination of reduced trading activity and evolving sentiment as we navigate the post-holiday period. For now, the overall market remains strongly correlated, suggesting a unified response to external influences. Although the total trading volume has shown a 60% increase, it is still significantly lower than the levels seen in previous weeks. This suggests that while there is renewed interest, the market still lacks the strong participation needed for a substantial bullish move.

bitcoin Price Prediction: bitcoin (btc) May Face Downside

btc/USD is seen hovering around $92,853, with the current consolidation pattern, the king coin remains below the 9-day and 21-day moving averages. Although bitcoin (btc) starts the day off with the intention of trending up, it couldn't. Meanwhile, any bullish crossover above the 9-day and 21-day moving averages could hit the nearest resistance level of $93,000. Below this, other supports could be found at $80,000, $75,000 and $70,000.

Furthermore, bitcoin price is likely to slide below the lower boundary of the channel as the 9-day moving average (MA) of the technical indicator remains below the 21-day moving average (MA). In the next positive move, btc could break higher as the candle has not closed yet. Therefore, if the bulls push the king coin north, potential resistance levels could be found at $105,000, $110,000 and $115,000.

btc/USD Medium-Term Trend: Bearish (4H Chart)

The 4-hour chart of bitcoin (btc) against the US Dollar shows the price moving within a descending channel, reflecting a short-term bearish trend. The resistance level is marked at $98,000 and above, while support is set at $88,000. Currently, btc is trading at $92,857, slightly below the midpoint of the channel. The 9-day and 21-day moving averages (MA) indicate continued bearish momentum as the 9-day MA is below the 21-day MA. This alignment reinforces the current downtrend, but the recent consolidation near $92,800 suggests that the price may be stabilizing in preparation for a possible breakout.

However, if the price manages to hold above the $92,000 level, a bullish breakout could occur, pushing the price towards the $94,000 – $96,000 zone, with the upper resistance of the channel at $98,000 as the next important goal. On the downside, if selling pressure intensifies and the price falls below $92,000, btc could test the lower boundary of the channel near $88,000 or lower. Volume fluctuations and interactions with moving averages will be key indicators to watch as they can confirm the likelihood of a reversal or continuation within the descending channel.

crypto analyst @GoingParabolic, who has more than 248,000 followers on x (formerly twitter), has observed that $btc has re-entered the accumulation zone. In his view, a few weeks of consolidation could pave the way for a significant breakout, with a target of over $131,500 by the first quarter of 2025 looking inevitable.

<blockquote class="twitter-tweet” data-width=”550″ data-dnt=”true” wp_automatic_readability=”10.694339622642″>

<a target="_blank" href="https://twitter.com/search?q=%24BTC&src=ctag&ref_src=twsrc%5Etfw”>$btc has re-entered the accumulation zone.

In my opinion, a few weeks of consolidation could set the stage for a massive breakout.

More than $131.5k by the first quarter of 2025 seems inevitable. See you there. pic.twitter.com/vSKQTmTFF8

– Jason A. Williams (@GoingParabolic) <a target="_blank" href="https://twitter.com/GoingParabolic/status/1873491933500485709?ref_src=twsrc%5Etfw”>December 29, 2024

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