As Bitcoin (BTC) continues to move sideways, investors are wondering whether the flagship cryptocurrency will end the year on a positive or sour note. Some analysts suggest that a close above recently lost levels could push the BTC price to fresh highs.

Bitcoin red week, green year

Since breaching the long-awaited $100,000 barrier in early December, Bitcoin has seen two significant corrections at the lower end of its monthly range. Throughout the month, the price of the flagship cryptocurrency fluctuated between $90,000 and $108,000, hovering between $96,000 and $102,000 for most of December.

However, since hitting its last all-time high (ATH) of $108,353 ten days ago, Bitcoin has lost its $100,000 support zone, falling to its lowest price in weeks. Over the past week, BTC has struggled to reclaim the $98,000 support zone, losing the holiday retest above that level on Thursday.

Now the largest cryptocurrency by market capitalization is trading in the middle zone of its monthly range, displaying a candle that “doesn’t look great, but not too bad either. Neutral, a few days left,” Altcoin Sherpa stated.

Analyst suggested that Bitcoin could experience “weird price action over the next few weeks ending in despair, followed by an absolute mission to the moon and a killer alt season.”

Meanwhile, Daan Crypto Trades called The current BTC price action is “year-end.” He noted that as Bitcoin moves sideways, liquidity is “building on both sides,” with an area of ​​interest below $94,000 and a key level above the $100,000 level.

Some investors asked the community to zoom out on the BTC chart, emphasizing that the cryptocurrency remains in a historical range despite its horizontal trajectory. If Bitcoin ended the year at its current price, it would still post a return of 48.15% in the fourth quarter and an raise of 122% year-over-year.

Bitcoin risk falls to lowest level in a month

Analyst Carl Runefelt thinks that investors should keep an eye on the $92,500 support zone as a break below this horizontal level could push the BTC price to $86,000. Similarly, Ali Martinez warned investors about the key level for BTC.

Martinez he stated that investors “don’t want Bitcoin to fall below $92,730,” explaining that it’s “basically free fall territory” if the flagship cryptocurrency loses that level. According to the analyst, the flagship cryptocurrency could fall as low as $70,000 if it loses a key support zone based on the UTXO Realized Price Distribution (URPD) chart.

In a previous post, he explored the bearish outlook that BTC could fall as low as $60,000, noting that several experts predicted a 23% to 36% correction for BTC.

Martinez believes a 25% decline to $70,000 is possible as the URPD chart shows minimal support below the $93,806 and $92,730 zones. “If this critical area of ​​demand does not hold, we could see a sharp decline to $70,085,” he warned.

He also pointed out that Bitcoin has broken below one of its “key support zones at $97,300,” suggesting a bearish outlook until it recovers.

However, an analyst he stated that this outlook will be invalidated if BTC has a “sustained close above $97,300 and, more importantly, a daily close above $100,000.” Martinez added that regaining these levels could begin the next step toward the $168,000 target.

At the time of writing, Bitcoin is trading at $94,587, down 1.24% on the daily time frame.

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