Will Bitcoin end the year 2024 at a high? Analysts say this level is the key

As Bitcoin (BTC) continues to move sideways, investors are wondering whether this leading cryptocurrency will end the year positively or negatively. Some analysts believe that the recent close above the previous resistance level could push the price of BTC to new highs. Red week, green year of Bitcoin Since surpassing the long-anticipated $100,000 threshold in early December, Bitcoin has witnessed two significant corrections down into the lower range of the month. Throughout the month, the price of this leading cryptocurrency has traded in the range of $90,000 to $108,000, fluctuating between $96,000 and $102,000 for most of December. However, since reaching its all-time high (ATH) of 108,353 dollars ten days ago, Bitcoin has lost the 100,000 dollar support level, dropping to its lowest price in weeks. Over the past week, BTC has struggled to reclaim the 98,000 dollar support level, falling below this level on Thursday. Currently, the largest cryptocurrency by market capitalization is moving within a range of monthly highs, showing a candlestick that "doesn't seem good but also not the worst. Neutral and still a few more days", as declared by Altcoin Sherpa. Analysts believe Bitcoin could see "some strange price action in the coming weeks with desperation, followed by an extraordinary mission and a season of altcoin destruction". Meanwhile, Daan Crypto Trades calls the current price movement of BTC a "year-end decline". He notes that when Bitcoin is sideways, liquidity is "increasing on both sides", with the area of interest below $94,000 and the important level above $100,000. Some investors have requested the community to shrink the BTC chart, emphasizing that cryptocurrencies are still within historical ranges despite a sideways trajectory. If Bitcoin ends the year at the current price, it will still record a profit of 48.15% in the fourth quarter and a 122% increase over the annual period. Bitcoin risk drops to lowest level in a month Analyst Carl Runefelt believes that investors should monitor the $92,500 support area, as breaking below this level could push the price of BTC to $86,000. Similarly, Ali Martinez has warned investors about an important level for BTC. Martinez asserts that investors "do not want Bitcoin to drop below $92,730," explaining that it is "essentially the free fall zone" if the leading cryptocurrency loses that level. According to the analyst, this top cryptocurrency could drop to a minimum of $70,000 if it loses the primary support level based on the Unspent Transaction Output (UTXO) price distribution chart. In the previous post, he explored the prospect of a price decline when BTC could drop to as low as $60,000, noting that some experts have forecasted a correction of 23% to 36% for BTC. Martinez believes that a 25% drop to $70,000 could occur, as the URPD chart shows minimum support levels at $93,806 and $92,730. He warns, "If this crucial demand zone does not hold, we could see a sharp decline to $70,085". He also pointed out that Bitcoin has dropped below one of the "most important support zones at $97,300", indicating a bearish outlook while the price has not yet recovered. However, analysts argue that this prospect will become ineffective if BTC "closes continuously above $97,300 and more importantly, closes daily above $100,000". Martinez added that reclaiming these levels could start the next stage toward the $168,000 target. At the time of writing, Bitcoin is trading at $94,587, a 1.24% decrease from the daily timeframe.