The Bitcoin price has dropped below the $100,000 psychological level and is now holding between the $96,000 and $98,000 range. Crypto analyst Ali Martinez provided insights into why Bitcoin could be holding well within this range. 

Why The Bitcoin Price Is Holding Steady Between $96,000 And $98,000

In an X post, Ali Martinez noted that one of the most important support levels for the Bitcoin price is between $98,830 and $95,830, where 1.09 wallets bought over 1.16 million BTC. This explains why Bitcoin is holding steady between $96,000 and $98,000 as investors who bought between this level continue to provide huge support for the flagship crypto. 

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As Martinez suggested, it is important for these holders to continue to hold steady as a wave of sell-offs could send the Bitcoin price tumbling even below $90,000. The flagship crypto dropped below $100,000 following the Federal Reserve Jerome Powell’s recent speech, in which he hinted at a hawkish stance from the US Central Bank. 

This sparked a massive wave of sell-offs, as a Hawkish Fed paints a bearish picture for risk assets like Bitcoin. However, despite the Bitcoin price drop below, most Bitcoin holders remain in profit, which is a positive for the flagship crypto. IntoTheBlock data shows that 86% of Bitcoin holders are in the money, 4% are out of the money, and 9% are at the money.

These Bitcoin holders still seem bullish on the leading crypto as they continue to accumulate more BTC. In an X post, Ali Martinez stated that so far in December, 74,052 BTC have been withdrawn from exchanges, and this trend doesn’t seem to be slowing down. 

Traders Anticipate A Bullish Reversal 

Ali Martinez suggested that crypto traders anticipate a bullish reversal for the Bitcoin price from its current level. This came as he revealed that traders on Binance nailed the top, with 62.17% shorting Bitcoin while it was trading at $108,000. Now, Martinez stated that sentiment has flipped, with 55.44% of these trading now longing dips below $96,000. 

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Meanwhile, it is crucial for the Bitcoin price to hold this $96,000, as Martinez warned that if BTC loses this support, it could drop below $90,000. The analyst stated that based on the Fibonacci level, if Bitcoin loses $96,000, the next point of focus becomes $90,000 and $85,000. Meanwhile, from a bullish perspective, crypto analyst Justin Bennett suggested that the $110,000 target is still in focus for the Bitcoin price.  

At the time of writing, the Bitcoin price is trading at around $97,000, down over 3% in the last 24 hours, according to data from CoinMarketCap. 

Featured image created with Dall.E, chart from Tradingview.com

Following an earlier prediction of the Bitcoin flash crash to $94,000, a crypto analyst has set a new target for the pioneer cryptocurrency. The analyst anticipates another major decline in the Bitcoin price before it hits a new all-time high. 

$130,000 Target In Sight After Bitcoin Flash Crash 

The broader crypto market has undergone a significant correction sparked by the recent Bitcoin flash crash. In the past week, the price of Bitcoin lost $3,000 in less than 30 minutes, dropping from $97,000 to $94,000 before quickly rebounding back above $97,000. This unexpected flash crash triggered widespread liquidations, with more than $1.5 billion in long and short positions wiped out as traders scrambled to mitigate losses. 

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With Bitcoin currently showing signs of momentum, analysts have voiced expectations of a future price rally. Notably, a TradingView crypto analyst, identified as ‘Setupsfx,’ shared a detailed price chart predicting Bitcoin’s future movements and next target. 

The analyst accurately forecasted Bitcoin’s flash crash to $94,000 and has now expanded his predictions to include a potential recovery phase. According to his latest analysis, Bitcoin is expected to find strong support around the $96,000 level following a short-term price correction to this key zone. This new support level is seen as a healthy retracement to help build momentum for upward movement. 

The analyst’s chart depicts an accumulation phase on the left side, during which prices seem to be moving sideways, forming strong lows while filling Fair Value Gaps (FVG). Additionally, order blocks and Breaks of Structure (BOS) can be identified on the Bitcoin price chart. 

According to the chart, the Bitcoin price successfully broke out of the aforementioned accumulation zone and started a rally that led to its ATH above $100,000. This bullish momentum aligns with the hype from the US Presidential election, which fueled Bitcoin’s rise to a new all-time high.   

With this in mind, the analyst predicts that Bitcoin will experience another pullback, likely testing the $96,000 zone before a price reversal. This reversal is expected to ignite a fresh rally, potentially pushing Bitcoin toward a new target of $130,000. 

Update On BTC Price Action

At the time of writing, the Bitcoin price is trading at $97,223 after dropping by more than 2% in the last 24 hours, according to CoinMarketCap. The cryptocurrency has been trading below the $100,000 level following a slight pullback after hitting an ATH above $104,000. 

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The broader market sentiment has also turned bullish despite the recent Bitcoin price decline. Notably, Bitcoin’s trading volume has risen by 99% in the last 24 hours, and its market cap is approaching the $2 trillion milestone. 

Commenting on Bitcoin’s price action, crypto analyst Jelle disclosed that Bitcoin’s current price action closely mirrors its bullish behavior during the 2020 ATH breakout. Based on these similar price movements, the analyst predicts that Bitcoin could see another breakout soon if it maintains this bullish momentum.  

Featured image created with Dall.E, chart from Tradingview.com

The PEPE price recently reached a new all-time high (ATH) of $0.00002716, becoming the first major meme cryptocurrency to do so in the ongoing bull cycle. This rally to a new PEPE all-time high was driven by increased whale activity and accumulation.

Whale Accumulation Fuels PEPE’s Bullish Momentum

Data shared by crypto analyst Ali Martinez on social media platform X highlights that PEPE whales recently added $1.14 billion in PEPE to their holdings, pushing the total whale-controlled amount to $7.56 billion. This plays into a bullish run over the weekend, which saw PEPE’s market cap surpass $10 billion for the first time. At the time of writing, PEPE has a market cap of about $11.17 billion, meaning this holder cohort now controls about 67% of the total market cap.

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Interestingly, on-chain data shows the surge in whale accumulation didn’t just start yesterday. IntoTheBlock’s Balance By Holdings In USD metric shows a 30-day increase of 147.81% in the holdings of addresses holding more than $10 million worth of PEPE tokens. These large holders have been on an accumulation trend, with a massive $1.14 billion purchase coming in on December 7 alone. 

Other holder cohorts have also significantly expanded their positions over the past month. Addresses holding between $1 million and $10 million worth of PEPE recorded a 119% increase in their holdings during this period, while those holding between $100,000 and $1 million saw a 108% rise. Mid-tier investors with holdings between $10,000 and $100,000 registered an 84.25% growth in their balances, while even smaller holders with $1,000 to $10,000 worth of PEPE saw their holdings increase by 55.29%.

This increase in accumulation from all cohorts has increased the buying pressure on PEPE, which in turn has allowed the meme cryptocurrency to surge in value by 150% in the past 30 days.

Exchange Listings And Accessibility Boost PEPE’s Popularity

Another notable driver behind PEPE’s record-breaking performance is its growing accessibility after listing on major crypto exchanges. PEPE has been added to crypto exchanges like Coinbase, Robinhood, and Binance US in the past few days, which has significantly increased its exposure to retail and institutional investors in the US These listings have made it easier for a broader audience to trade and invest in the meme cryptocurrency.

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The impact of these listings has been profound, especially as the industry is currently in a bull phase. At the time of writing, PEPE is trading at $0.00002616, representing a 3.5% increase in the past 24 hours. PEPE’s bullish trajectory appears set to extend further as whale and retail accumulation continues.

Featured image created with Dall.E, chart from Tradingview.com