At the end of the year, a renowned analyst suggested that Bitcoin (BTC) could see a Fresh Year’s Day rebound after the flagship cryptocurrency surged 4.2% to retest a key level.

Bitcoin sees a slowdown at the end of the year

Bitcoin has struggled to maintain the mid-zone of its monthly price range as the cryptocurrency market experiences a year-end slowdown. In December, BTC broke the $100,000 barrier for the first time, reaching a modern all-time high of $108,353 mid-month.

Over the past 30 days, the price of the flagship cryptocurrency has surged between $90,000 and $108,000, hovering between $96,000 and $102,000 for most of the month. Nevertheless, Bitcoin has seen a 10.5% decline since reaching ATH, failing to sustain the $98,000 level over the past two weeks.

The largest cryptocurrency by market capitalization saw a brief recovery on December 25, but quickly lost its holiday gains. Since then, the BTC price has recorded its deepest rebound since early December.

On Monday, Bitcoin fell below the key $92,000 support zone, falling to $91,530 before rebounding, raising concerns about BTC’s monthly close. However, Fresh Year’s Eve started in the morning with a 4.2% gain, fueling year-end optimism about a price rebound.

The price of the cryptocurrency rose from $92,000 to $96,000 before returning to the $95,000 support zone. Cryptocurrency analyst Ali Martinez as the BTC price increases excellent that TD Sequential showed a buy signal on the 12-hour chart, potentially signaling a price rebound into the Fresh Year.

“Everything is fine” ahead of BTC rally

Martinez suggested that “a sustained close above $94,700 could lead to a rebound to $97,500.” As the analyst noted earlier, this level is one of the most significant support zones for BTC, and its recovery is crucial for the cryptocurrency’s short-term growth.

On the contrary, “the loss of $92,500 in support will invalidate the bullish signal,” Martinez added. A loss of this level could also send BTC towards the $70,000 level based on the UTXO Realized Price Distribution (URPD) chart.

The analyst said a 25% decline to $70,000 is possible as the URPD chart shows minimal support below a key support wall.

Meanwhile, James Van Straten excellent that “everything is fine” despite the current BTC price action. The analyst emphasized that “this cycle, as with the three previous cycles for BTC, all saw corrections at this point after the halving”, adding that “the corrections start later and end later. Perhaps it has to do with extended cycles.

At the time of writing, Bitcoin is trading at $94,949, up 1% on the daily time frame.

Featured image from Unsplash.com, chart from TradingView.com