Bitcoin is trying to regain a key support level, which could send its price soaring. This week’s action will likely set the tone for the rest of the month, according to analysts.
Bitcoin’s Recent Performance and Key Levels
Bitcoin recently lost the $106,800 support level. After hitting a high of $111,980, it dropped over 8%, hitting a low near $102,000. It’s since recovered, trading above $106,500 at times, but has been rejected from that crucial level. Despite the volatility, Bitcoin had its best monthly close ever in May, at $104,591, and remains within its recent trading range of $103,000 to $110,000.
Analyst Predictions: A Final Hurdle Before $140,000?
Analyst Crypto Jelle sees Bitcoin aiming for around $130,000 based on Fibonacci levels. He also notes similarities between Bitcoin’s current performance and its Q4 2024 rally. He believes Bitcoin is in the second phase of a similar pattern, suggesting a final hurdle before a significant price increase. His “Power of 3” setup points to a potential price surge to $140,000-$150,000. He sees only one more significant obstacle before a major rally.
What’s Next for Bitcoin? A Week of Potential Volatility
Trader Daan Crypto Trades thinks this week and month will be crucial for Bitcoin. He points to a lot of accumulated positions on both sides of the market, suggesting a big move is coming once the price breaks out of its current sideways trading. He predicts that Bitcoin will either set its monthly high or low in the first week of the month, followed by a reversal and a trend continuation into the next month. If Bitcoin can’t hold its current levels, it might dip to around $98,000 before recovering. Conversely, a strong price jump this week could signal a retest of the lower end of the range later in the month. At the time of writing, Bitcoin is trading at around $105,889.
