Bitcoin recently hit a new all-time high (ATH) near $112,000, but then dipped about 7%. Despite this, one analyst thinks Bitcoin’s bullish run is far from over.
Analyst Predicts a Big Jump
Crypto analyst KillaXBT on X (formerly Twitter) is predicting a significant price increase for Bitcoin. They suggest buying Bitcoin (going “long”) around $104,000, aiming for a price target of $120,000 by mid-June. This isn’t their first prediction; they’ve made similar calls before, at $76,000 and $94,000.
Why the Optimism?
KillaXBT sees the recent dip as expected and part of a larger bullish trend. They describe the current rally as driven by “sideliners,” meaning it’s not fueled by a huge influx of new traders, but rather by long-term investors (possibly large institutional investors or “whales”). Despite increased money supply, low participation (indicated by things like negative premium index and low funding rates) supports this theory. Their analysis suggests the current correction has created a good buying opportunity.
The Trading Plan
KillaXBT’s chart analysis points to a buying opportunity just below $104,000, targeting $120,000. However, they also acknowledge risk. If the price falls decisively below $97,000, the bullish setup is invalidated. In that case, they suggest buying again just below $97,000, aiming for a recovery to around $109,000.
Current Status and Other Predictions
At the time of writing, Bitcoin is trading around $104,519, slightly up for the day. Trading volume is down, suggesting less activity. Other prediction sites, like CoinCodex, are also bullish, with some predicting a price of $132,409 within five days.
