Source: Cointelegraph
Original: (Will Bitcoin's price rise to $116,000? BTC traders foresee a historic high 'early next week')
Key points:
Bitcoin is convincing traders that an upward breakout is imminent, with historical highs in sight.
One target requests BTC/USD to reach $116,000 next week, decisively breaking away from its narrow range.
One of the options for Bitcoin price action in the new week is a brief pullback before continuing to rise.
Bitcoin's volatility dropped to its lowest at the weekly close on May 18, with traders betting on a new round of breakouts.
Data from Cointelegraph Markets Pro and TradingView shows that throughout the weekend, the area around $103,000 has remained a point of attraction for Bitcoin's price.
Currently, BTC/USD is experiencing almost no up or down fluctuations and is ready for liquidity grabs, with data from monitoring resource CoinGlass confirming that $105,000 and $103,000 are both target levels.
When commenting on the current market structure, traders generally hold a bullish attitude, expecting to challenge historical highs again and return to the price discovery phase.
"Bitcoin's target for early next week: $116,000," renowned trader Alan summarized in his latest short-term prediction on X platform.
The accompanying chart highlights the low volatility characteristics of BTC/USD over the past week.
"Bitcoin is brewing in this converging triangle, with decreasing trading volume, which is a common indicator of a potential breakout," Alan added.
Another trader, Mikybull Crypto, described the market structure as "intraday diamond pattern breakout."
$BTC INTRADAY DIAMOND PATTERN BREAKOUT pic.twitter.com/gMGMub7nTt
"In the recent rise, we saw Coinbase consistently showing spot premiums. This is a good sign, indicating solid demand in the market," trader Daan Crypto Trades continued, noting strong support from US buyers pushing Bitcoin back into the six-figure price range.
A more conservative view suggests there will be a temporary pullback before the upward trend resumes.
"It's been a slow week, and Bitcoin still hasn't been able to break through the resistance level, which makes me continue to think that this situation may be brewing," trader CrypNuevo said.
Daan Crypto Trades added that Bitcoin has not yet broken through the final resistance level relative to stocks.
$BTC has failed to push higher relative to stocks. The recent relative weakness has come after the US has made a "Deal" with China. This does show that BTC has turned into this asset which gets interesting for investors when outflows and uncertainty happen elsewhere. So while… https://t.co/hShAZxGM21 pic.twitter.com/UEPZNGWjff
As Cointelegraph reported, long-term concerns include a full retracement of the recent rebound, which rescued BTC/USD from a multi-month low near $75,000 in April.
The possibility of a sweep close to the $90,000 level is also within the market's focus.
Related: Australian Federal Police seized mansions and Bitcoin (BTC), allegedly related to hacking attacks on cryptocurrency exchanges.
