Bitcoin has been trading sideways lately, bouncing between $101,000 and $105,000. While this represents a small gain, it follows a significant price jump earlier in May and a period of market cooling. But one analyst thinks this sideways movement is actually a bullish sign.
A Stairway to $115,000?
Trader Alan, a popular crypto analyst on X (formerly Twitter), has spotted a pattern. He noticed that Bitcoin has repeatedly climbed in roughly $10,000 increments, followed by a period of consolidation (sideways trading) lasting 7-10 days.
This pattern has played out several times:
- From $75,000 to $85,000
- From $85,000 to $95,000
- From $95,000 to $105,000
Following this pattern, Alan predicts Bitcoin will next hit $115,000 after breaking out of its current consolidation phase. That would be a roughly 10% increase from current prices. These consolidation periods are actually healthy, allowing the market to rest and traders to accumulate before the next price surge. They also often become strong support levels.
Whale Watching: Big Players Are Buying
Adding to the bullish sentiment, reports indicate that large Bitcoin holders (“whales”) are continuing to accumulate. Recently, they bought over 2,000 BTC, worth over $226 million. This significant buying activity further suggests strong confidence in Bitcoin’s future price.
Current Market Conditions
At the time of writing, Bitcoin is trading slightly below $103,000, down slightly from the previous day. Trading volume is also down, indicating potentially less market activity. However, the long-term outlook, based on the analyst’s observations and whale accumulation, remains positive.
