Bitcoin at US$ 120.000? See what needs to happen first, according to analyst
U.Today - As Bitcoin, the first and largest cryptocurrency, remains in six digits, the market is eagerly watching to see if it will surpass the current all-time high of US$ 109.114 set in January.
This week, Blockstream CEO Adam Back commented that "the price of Bitcoin was strangely low and could rise to US$ 500.000 or even US$ 1 million per coin in this four-year cycle".
In a recent post on X, Ali, a cryptocurrency analyst, indicated that the next market peak for Bitcoin could reach US$ 120.000, provided the support level of US$ 90.000 holds.
A price of US$ 120.000 indicates a 16% increase from current levels, with Ali suggesting the level of US$ 90.000 as a key technical level that could determine whether BTC will reach new highs or stagnate.
Bitcoin reached a new local high of US$ 105.787 on May 12, driven by significant accumulation evident in on-chain volumes. Since the price low of US$ 75.000 on April 9, Bitcoin has seen a strong rally driven by spot prices, with substantial periods of sideways accumulation between each rally.
Profit-taking is occurring as expected, but Bitcoin has fluctuated between US$ 100.703 and US$ 105.787 since May 9.
