Imagine the world's largest digital asset is on the cusp of breaking through a psychologically significant zone that's shaking the market. But will $122,000 become a stepping stone or a turning point?
My Opinion: Yes, Bitcoin has a strong chance of reaching $122,000 imminently, and here's why I believe this momentum is more than just an illusion. Based on my analysis of the BTC/USDT chart, the price is currently trading at $119,955 (+0.69%), just 1.7% shy of the target. Technical patterns reveal a solid uptrend, firmly supported by the 200-day SMA and a rising trendline. The key factors? Buying volume and market sentiment. If institutional accumulation of crypto assets (like through Bitcoin ETFs) continues flowing, a breakout to $122,000 could happen within hours.
However, don't ignore the risk. The $122,000 level is no ordinary number. This zone is marked as a "SELL" liquidity pool (highlighted in red on many charts), signaling significant seller concentration. Furthermore, the 4-hour RSI approaching overbought territory (though not visible in this image) could potentially trigger a brief correction before the moon shot.
