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Bitcoin (BTC) is showing strong signs of an imminent price breakout, potentially reaching new all-time highs. Traders are anticipating a move beyond the current tight trading range, with a target price of $116,000 projected for early next week. While some predict a minor dip before the ascent, the overall sentiment is bullish.
The period leading up to the May 18 weekly close saw minimal BTC volatility, suggesting a build-up of momentum. Analysis from Cointelegraph Markets Pro and TradingView reveals the $103,000 level acting as a significant support point, attracting price consolidation. Data from CoinGlass further supports this, indicating potential liquidity grabs around $105,000 and $103,000.
Traders are optimistic about a return to price discovery and a challenge of all-time highs. Popular trader Alan forecasts a rapid rise to $116,000, highlighting the recent low volatility. Another trader, Mikybull Crypto, identifies an “intraday diamond pattern breakout” on the charts, also suggesting a significant upward movement. Positive indicators include a consistent Coinbase spot premium, reflecting strong buyer demand in the US market, and contributing to Bitcoin’s potential return to six-figure territory.
Despite the bullish outlook, some cautionary perspectives exist. A temporary pullback before a sustained upward trend is considered a possibility. Trader CrypNuevo notes that Bitcoin hasn’t yet broken through resistance levels, implying a potential temporary retracement. Daan Crypto Trades adds that, relative to stocks, Bitcoin is yet to overcome final resistance, possibly due to recent US-China dealings.
Longer-term concerns include the potential for a full retracement of the recent relief rally that lifted BTC/USD from April’s multi-month lows near $75,000, and a possible sweep of levels closer to $90,000. Overall, while the immediate forecast is largely positive, investors should remain aware of the inherent risks involved in cryptocurrency trading and conduct thorough research before making any investment decisions.
