Bitcoin’s price has been stuck in a sideways trading pattern since hitting a record high of $111,900 in May. So, what’s next? Will it surge to $120,000, or will it dip below $100,000? Let’s look at what some analysts are saying.
Analyst Predictions: A Rollercoaster Ride?
Decode, a crypto analyst, used wave analysis to predict Bitcoin’s future. Their chart suggests a drop below $100,000 (possibly as low as $96,500) sometime this month. However, they believe this dip is just a temporary correction before a significant rally to over $120,500 by the end of July. This prediction aligns with veteran trader Peter Brandt’s forecast of Bitcoin reaching $150,000 by late summer.
Another analyst, KillaXBT, is more optimistic, predicting a $120,000 price by mid-June. They believe a potential Federal Reserve rate cut could trigger a rapid price increase. While the likelihood of a rate cut is currently low (around 2.6%), a surprise move by the Fed could significantly impact Bitcoin’s price. President Trump’s recent call for a rate cut adds another layer of uncertainty.
Signs of a Breakout?
Titan of Crypto sees a potential breakout on the horizon. They point to a bullish reversal pattern on the 4-hour chart, suggesting a move towards the $107,500 – $109,500 range.
Kevin Capital also notes Bitcoin’s recent V-shaped recovery from its May 5th low of $100,000. However, they emphasize that a sustained breakout requires a decisive move above $106,800, confirmed by several days or even a week of higher closing prices.
The Current Situation
At the time of writing, Bitcoin is trading around $105,000, up over 2% in the last 24 hours. The coming weeks will be crucial in determining whether Bitcoin follows the bullish or bearish predictions.
