Analyst Forecasts Bitcoin May Reach $120,000: New All-Time High Expected by Mid-June
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Following its surge to nearly $112,000, establishing a new all-time high (ATH), Bitcoin has entered a corrective phase, shedding over 7% of its value. Despite this market decline, renowned crypto analyst KillaXBT has predicted that the leading cryptocurrency will rebound and shortly re-enter price discovery territory.
Bitcoin Traders Encouraged to Go Long at $104,000 – Analyst
In a post on X dated May 30, KillaXBT advised a bullish outlook on Bitcoin, suggesting investors consider long positions at the $104,000 range. This analyst, who has previously made accurate predictions when Bitcoin traded at $76,000 and $94,000, believes the asset has the potential to hit a price target of $120,000 by mid-June.
Regarding the ongoing market correction, KillaXBT noted that this recent decline was anticipated and corresponds with the established bullish price trajectory. Thus, there is minimal reason for investors to adopt a bearish stance.
Additionally, the analyst emphasized that Bitcoin’s current uptrend appears to be a sideliners’ rally. Despite a significant boost in M2 Money Supply indicating increased market liquidity, participation from investors remains low, as evidenced by the negative premium index and subdued funding rates.
These various developments suggest that the ongoing bullish momentum is likely driven by long-term conviction from institutional investors or market whales, which could support a sustainable price rally.
Based on the trading chart analyzed, KillaXBT’s insights indicate that Bitcoin’s price correction has set up a monthly open trap just below the $104,000 mark, advising investors to consider long positions targeting $120,000.
However, KillaXBT also acknowledges the possibility of market volatility, noting that a decisive close below $97,000 would invalidate the bullish scenario. In this case, he suggests establishing another long position just below $97,000, with aims to rebound to $109,000 to recover losses and maintain upside potential.
Bitcoin Price Forecast
Currently, Bitcoin is trading at $104,519 after a 0.70% increase in the past 24 hours. Meanwhile, the asset’s trading volume has decreased by 34.21%, indicating a drop in market activity and transaction numbers.
According to the popular prediction platform CoinCodex, Bitcoin investors maintain a strong bullish outlook despite recent price fluctuations. CoinCodex forecasts a price of $132,409 in the next five days, suggesting a potential 26% increase from current market levels.
BTC trading at $104,603 on the daily chart | Source: BTCUSDT chart on Tradingview.com
Featured image from Galway Daily, chart from Tradingview.com
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