Bitcoin (BTC) Price Prediction: Will Bulls Regain Control Before 2022?

As Bitcoin (BTC) continues to move sideways, investors wonder whether the flagship crypto will end the year positively or on a sour note.

Bitcoin (BTC) price action has largely disappointed investors over the past two weeks. After reaching a new all-time high (ATH) of $108,353 on December 21, the flagship crypto lost the $100,000 support zone and fell to its lowest price in weeks.

Over the past week, BTC has failed to reclaim the $98,000 support zone and lost its Christmas retest above this level on Thursday. Now, the largest crypto by market capitalization trades within the mid-zone of its monthly range.

Bitcoin Price Risks Falling To One-Month Lows

Analyst Carl Runefelt believes that investors should watch the $92,500 support zone, as breaking below that horizontal level could send BTC to $86,000.

Similarly, crypto analyst Ali Martinez highlighted a key level for BTC that investors “don’t want” the flagship crypto to lose.

According to Martinez, if Bitcoin dips below the crucial $92,730 level, it will enter “essentially free fall territory.” Based on the UTXO Realized Price Distribution (URPD) chart, the next support level for BTC is at $70,000.

However, in a previous post, the analyst explored a bearish scenario where BTC could fall as low as $60,000, considering that several experts predicted a correction of 23% to 36% for BTC.

Martinez sees a 25% crash to the $70,000 level as possible, as the URPD chart shows minimal support below the $93,806 and $92,730 zones. “If this critical demand area doesn’t hold, we could see a sharp drop to $70,085,” he said.

He also noted that Bitcoin broke below one of its “most significant support zones at $97,300,” which suggests a bearish outlook as long as it isn’t reclaimed.

However, this outlook would be invalidated if BTC has “a sustained close above $97,300 and, more critically, a daily close above $100,000.” According to Martinez, reclaiming these levels could start the next leg toward the $168,000 target.

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