Bitcoin Could Hit $120,000? Here’s What It Takes, According to New Analysis
U.Today (edited) – As Bitcoin continues to hover around the six-figure mark, investors are keeping a close eye on its potential to break its all-time high of $109,114 set in January. Some experts predict that, if market conditions are favorable, BTC could well reach $120,000 – and even beyond.
$120,000: Is a New Milestone Not Too Far Away?
Popular crypto analyst Ali believes that Bitcoin could hit $120,000 in the current cycle, but only if BTC holds key technical support at $90,000.
This is what Ali calls a “vital fulcrum” for a further breakout. If Bitcoin holds above this level, the rally could continue with the next target being $120,000 – representing a gain of around 16% from the current price.
Strategic Accumulation Zone and Short-Term Support
According to data from Glassnode, the $93,000–$95,000 price range has seen strong accumulation over the past 30 days. This is considered an average cost zone for short-term investors, and is likely to act as a strong support zone if the market corrects slightly in the near future.
In addition, on-chain data also shows that Bitcoin’s recent rally from the $75,000 bottom on April 9 has been accompanied by strong inflows into the spot market. The short-term accumulations interspersed with price increases suggest that market sentiment remains positive and there are no signs of massive profit-taking.
Where is the market?
As of press time, Bitcoin is down slightly by 0.75% in the past 24 hours, trading around $102,901. Mild profit-taking pressure over the weekend has seen the crypto market record over $300 million in liquidations, according to data from Coinglass.
However, the long-term trend remains positive, with many experts, including Blockstream CEO Adam Back, calling $500,000 to $1 million “possible” in the next four-year cycle. According to him, the current price is “abnormally low” compared to Bitcoin’s actual potential.
Conclusion
While Bitcoin is still far from $120,000, if the $90,000 support zone holds, the bullish momentum could resume sooner than expected. The $93,000–$95,000 zone will be a key “battlefield” that the market will need to watch closely in the coming weeks, to determine whether another strong rally is on the horizon.
“The market is in a healthy accumulation phase. All eyes are now on the strategic support zone for the next breakout signal.” – Ali, crypto analyst.