The Bitcoin market has recently endured a significant price drop as the public feud between U.S. President Donald Trump and the world's richest man, Elon Musk, on Thursday negatively impacted the U.S. financial markets. During this time, the leading cryptocurrency dropped an estimated 5% from $106,000 to a trading level below $101,000.
Interestingly, despite short-term volatility, several key technical indicators currently suggest a bullish setup. In fact, this latest pullback appears to complete a series of signals often seen before major price increases.
Bitcoin is preparing for a price increase, with the first target at $130,000
In a post on X on June 6, a market expert with the username X, CrypFlow, shared a prediction that Bitcoin's price would rise amid the ongoing price adjustment.
Aside from the significant price drop in the past week, the BTC market has witnessed a stable price adjustment since this leading cryptocurrency reached a new all-time high of $111,970 on May 22. However, CrypFlow stated that this price pullback, along with a series of other technical indicators, suggests that Bitcoin is preparing to repeat the price surge from Q4 2024.
The first indicator that the analyst observed in the chart above is the golden cross that occurred when the 50-day simple moving average (50SMA) crossed above the 200-day simple moving average (200SMA) in early June 2025. The golden cross is a popular bullish indicator signaling a change in market momentum, last seen in November 2024.
Furthermore, Bitcoin's price has broken above the long-standing purple downtrend line that began in December 2024. This breakout also reflects another move that occurred in early November 2024, when BTC broke through the declining resistance level that started in March 2024.
The ongoing price adjustment is the final indicator as Bitcoin has also dropped an estimated 10% in November, from $74,500 to $68,500 before a strong price increase.
CrypFlow's analysis shows that if Bitcoin repeats the price surge from Q4 2024, this leading cryptocurrency could achieve a price increase of 62%, corresponding to a potential target of around $170,000. However, the analyst set a more cautious initial price target of $130,000, reflecting a 25% increase from the current market level.
Bitcoin Price Prediction
At the time of the press release, Bitcoin was trading at $104,850 after a 2.57% increase over the past day. Meanwhile, the daily trading volume of this asset has decreased by 19.59%.
According to data from the prediction site Coincodex, the overall sentiment in the BTC market remains optimistic, although the Fear & Greed Index is at 45, indicating Fear. The Coincodex analysis team is supporting this market positivity with a price forecast of $134,074 in five days and $155,864 in three months.