The price of Bitcoin (BTC) experienced a lot of turbulence last week, falling by almost 5% to reach a local low of $95,000 on Wednesday. While the cryptocurrency market leader has since seen the market rebound back to over $101,000, BTC has once again entered consolidation, sparking much speculation about its next price move.

Sturdy Bitcoin support wall to maintain bullish momentum

On December 13, popular crypto expert Ali Martinez highlighted vital development in the Bitcoin market. Using data from IntoTheBlock, Martinez said recent investor activity has created a powerful wall of support for Bitcoin between $94,300 and $100,250.

Notably, a total of 2.25 million individual wallets purchased 2.18 million BTC worth $220.75 billion at both price levels, creating a physiological barrier where purchasing pressure is likely to dominate.

With Bitcoin yet to break above $103,000 despite impressive price growth over the past two months, these massive purchases at such high price levels offer a powerful bullish lower bound that could fuel future price growth following a price retest.

However, investors must remember that a powerful price decline, such as the recent keen drop in price below the highlighted support wall, can trigger a immense number of stop-loss orders and trigger panic, causing prices to drop sharply. In this case, BTC will likely drop to $92,000, which is where the next significant support zone lies.

What’s next for BTC?

In terms of short-term price movements, Bitcoin is still expected to see significant price gains before the year is out, based on the asset’s past performance following the presidential election. This bullish sentiment is further supported by continuously increased inflows into the Bitcoin ETF spot market, indicating powerful institutional interest in the leading cryptocurrency.

Interestingly enough, Martinez postulates that if the major cryptocurrency repeats its price performance from the 2015 and 2018 price cycles, it will likely reach a market peak in October 2025. However, if Bitcoin reflects its low bull price from the 2011 price cycle, it would mean that the asset has already seen its peak price in this bull market with no further gains tonight.

At the time of writing, BTC is trading at $101,956 after a price augment of 1.08% over the last 24 hours. However, the trading volume of this asset decreased by 20.53%, indicating a decline in trading activity and market share.

On a larger time frame, Bitcoin has maintained significant gains, rising 12.88% over the last 30 days.