The prophecy of $BTC resonating in the markets and that meme working overtime... The atmosphere is charged with bullish expectations. Allow me then, invoking the coldness of technical analysis and the inherent volatility of the crypto space, to offer you a foreboding with the seriousness of a professional report, albeit with the touch of uncertainty that always accompanies these markets.

Preliminary Technical Analysis: Bitcoin Towards $121,000 - Is All That Glitters Gold?

The recent projection from CoinCodex, pointing to a rise of Bitcoin ($BTC) towards $121,000 by May 12, 2025, has injected a palpable dose of optimism into the market. The current rally, with BTC trading around $96,885 and showing a 3.15% increase in the last 24 hours (as seen in the Binance snapshot), certainly fuels this bullish narrative. However, it is crucial to approach these predictions with a rigorous analytical perspective and consider various factors.

Technical Factors to Consider:

* Short-Term Bullish Momentum: The price chart on Binance shows a recent upward movement, backed by increasing trading volume both in the Spot market (24h Volume (BTC): 190,188.775 BTC) and in terms of USDT (24h Volume (USDT): 18.31B). This increase in buying activity suggests a positive sentiment in the short term.

* RSI (6): The Relative Strength Index (RSI) value at 28.2 indicates that, while the price has risen, it is not yet in significant overbought territory. This could suggest that there is still room for further upward movement before a potential correction.