Bitcoin prices dropped from $109,000 in January to below $75,000 in mid-April 2025 after a deterioration in the cryptocurrency market. Bitcoin recovered by 39.1% last month, reaching $105,800 from $74,600.
Trader Alan noted in a post on platform X on May 16 that Bitcoin has consistently achieved the same increase in dollar value, followed by a consolidation phase. When Bitcoin rises by $10,000, the analyst's trading charts show a horizontal consolidation period of 7-10 before it rises again.
Bitcoin exhibited bullish behavior from $75,000 to $85,000, $95,000, and $105,000. Based on this trend, the leader of the cryptocurrency market may break out of the price consolidation phase and reach $115,000. If accurate, Bitcoin will rise by 10.57% from current levels, representing a new price discovery.
Price movements like this indicate a strong rise with reasonable pauses. After sharp increases, consolidations allow traders to gather for the next upward step. It is important for consolidation areas to typically become new support levels, reinforcing bullish markets.
Increasing Bitcoin whales
In other news, OKC partner and Binance influencer Ted Biloz indicates that Bitcoin whales are accumulating well. On May 15, the largest Bitcoin holders bought 2,180 Bitcoin worth $226,750,000, demonstrating market confidence.
Large Bitcoin whale accumulations, especially during the current boom, indicate significant potential for price growth in the future, as trader Alan predicted.
The price of Bitcoin was $103,281 at the time of publication after a 0.90% drop the previous day. Trading volume decreased by 15.76%, indicating waning market interest.