As Bitcoin, the first and largest cryptocurrency, remains at six figures, the market is eagerly watching to see if it will surpass the current all-time high of $109,114 set in January.
This week, Blockstream CEO Adam Back remarked that “Bitcoin’s price was strangely low and could surge to $500,000 or even as high as $1 million per coin this four-year cycle.”
In a recent X post, Ali, a crypto analyst, indicated that the next Bitcoin market top could reach $120,000, as long as the $90,000 support level holds.
A $120,000 price point indicates a 16% increase over current levels, with Ali hinting at the $90,000 level as a key technical level that could determine whether BTC surges to new highs or stalls.
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Bitcoin soared to a new local high of $105,787 on May 12, aided by significant accumulation evident in on-chain volumes. Since the $75,000 price bottom on April 9, Bitcoin has had a strong spot-driven rally, with substantial sideways accumulation bouts between each move higher.
Profit taking is happening as expected, but Bitcoin has fluctuated between $100,703 and $105,787 since May 9.
What comes next?
At the time of writing, BTC was down 0.75% in the last 24 hours to $102,901, as the larger crypto market experienced selling pressure in the early Saturday session, with roughly $300 million in crypto liquidations.
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As the market waits to see where Bitcoin goes next, according to Ali, the lead asset must hold support at $90,000 for the $120,000 target to be achievable. Glassnode reported a key accumulation zone emerging between $93,000 and $95,000, which aligns closely with the short-term holder cost basis over the last 30 days.
As a result, this zone is likely to serve as a strong support level in the case of a short-term market decline, indicating a demand zone where investors may see value once more.
