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Bitcoin’s recent price surge from $75,000 to nearly $112,000 is showing signs of weakening, according to analyst Willy Woo. He considers this week crucial; a lack of sustained buying pressure could trigger another prolonged consolidation period. Woo points to the Bitcoin Spent Output Profit Ratio (SOPR) indicating potential profit-taking pressure, offset by late-stage speculator long positions. The current price range represents a pivot zone, with this week’s buying activity significantly impacting the next few months. While short-term risks are trending down, suggesting buy-side dominance, Woo maintains a positive long-term outlook.
Bitunix analysts concur that technical pressure around $110,800—a key resistance level—poses a risk of a pullback. Support at $108,000 is vital; its breach could trigger profit-taking and shift market sentiment.
Meanwhile, bullish predictions abound. Donald Trump Jr. and Eric Trump forecast Bitcoin reaching $170,000 by the end of 2026. Adam Back’s prediction is even more ambitious, projecting a $1 million Bitcoin price within five years.
At the time of writing, Bitcoin traded at $107,785 on Coinbase, down 1.2% in the past 24 hours. The failure to break above $108,000 on May 29 adds to the uncertainty. Woo’s warning of a potential consolidation highlights the current market fragility and the importance of sustained buying pressure to propel Bitcoin to new highs. The contrasting views of analysts and the bold price predictions underscore the volatility and uncertainty inherent in the cryptocurrency market. The coming weeks will be critical in determining Bitcoin’s near-term trajectory.
