Analysts say Bitcoin might reach $106K very soon but a correction is likely to come afterward.
Trading data shows strong buying strength but resistance at $104K could slow the current pace.
A new target of $113K is expected but only if Bitcoin breaks above the short-term limit cleanly.
BTC is trading around $102,954 as analysts point to $105K–$106K as the likely short-term top before a retracement. A chart published on May 10, 2025, shows bullish momentum pushing BTC toward key Fibonacci extension levels, hinting at near-term exhaustion. Social media activity from top market commentators reinforces the outlook for a pause or reversal following this surge.
Source: X Elliott Wave Structure Aligns with Technical Resistance
A TradingView chart displays a five-wave Elliott structure, with BTC nearing the completion of wave (5) at $104,932. Fibonacci extension levels of 0.786 ($100,336) and 1.618 ($104,932) mark critical resistance zones. Price action has broken out of a descending wedge, with strong upside continuation confirming a bullish breakout pattern.
Volume data shows increasing participation since BTC bounced from the $61,583 support in early April. The price has since cleared the 200-day moving average and is testing prior highs. Multiple confluences suggest that wave (5) may end near $106K, in line with the analysis shared by user @Michael_EWpro.
A tweet accompanying the chart highlights the potential short-term peak zone of $105K–$106K. Market watchers are eyeing this area for signs of weakening momentum. The RSI and stochastic indicators are nearing overbought zones, which historically correlate with trend slowdowns or reversals.
Market Sentiment and Target Projections Drive Optimism
Sentiment on social platforms supports the bullish wave count, with another trader, @PWebb__, targeting a $113K move. A trendline breakout and historical pattern comparisons bolster this higher projection. Analysts continue to debate whether the $105K–$106K area will act as final resistance or if new highs will follow.
A retweet of @PWebb__’s chart confirms consensus around a mid-term target of $113K, pointing to sustained bullish interest. Yet, caution persists. If $106K holds as resistance, the wave structure implies a retracement toward $89,406 or lower.
Volume indicators also align with sentiment. Climbing trade volumes reinforce buying pressure, but the recent peak may signal fatigue. Traders are closely watching how the market reacts at these resistance bands for further confirmation.
@Michael_EWpro noted in his tweet that he is content if “no dip” occurs, reflecting bullish confidence. However, price history shows that BTC rarely moves in a straight line. Temporary pullbacks often precede new legs higher, offering more sustainable long-term growth.
Will Bitcoin Sustain Its Momentum or Face Correction?
A crucial question now dominates discussions: Can BTC maintain momentum above $105K, or will it face the expected pullback? Price behavior at $100,336 and $104,932 will determine short-term direction. If resistance breaks, new all-time highs above $113K are feasible. However, if BTC fails to hold above these levels, correction zones near $89,406 or even $73,000 may come into play.
Support zones drawn from the Fibonacci retracement levels at $89,406 and $73,000 offer the next line of defense. Buyers must step in quickly if those levels are tested. The long-term uptrend remains intact, but caution is warranted in the near term.
As the crypto community evaluates the current wave structure, all eyes remain on the $105K–$106K zone. Social media, volume trends, and technical indicators all point to this region as pivotal.
