Could Bitcoin Reach $120K Soon? An Analytical Look at BTC Prices

Bitcoin's price is on an upward trend, nearing its all-time high of $111K due to increased buying interest and strong technical momentum. Market sentiment is optimistic about a potential breakout that could catapult Bitcoin to around $120K. A crucial bullish signal, the Golden Cross, has appeared with the 100-day moving average crossing above the 200-day moving average, indicating a longer-term bullish trend. Despite this, Bitcoin faces a significant test at the $111K mark.

A successful breakout could trigger a potential rise to the $120K mark. On-chain analysis shows a significant cluster of liquidation levels above Bitcoin’s all-time high, suggesting a strong possibility that price may reach this region, potentially pushing Bitcoin to new highs. This, however, also reflects persistent selling pressure, making the $111K mark a critical decision point.