Diverging Predictions: Bitcoin Traders Split on Price Targets of $95K or $120K

Bitcoin is on the verge of reaching a significant price milestone, with forecasts suggesting a potential peak above $100,000. However, the pivotal question remains: can Bitcoin achieve a weekly close above $71,500 to validate a breakout?

Can Bitcoin Surpass the $120,000 Mark?

Bitcoin’s price may be gearing up for its next upward movement in the bull cycle, with some analysts predicting it could reach the $120,000 mark. This estimation is based on technical evaluations shared by renowned trader Mikybull.

In a recent social media post, Mikybull shared with his followers:

“Bitcoin is preparing for the next wave of rally which could propel it to $120k+ level. Prepare for the ride.”

Conversely, some analysts project a more conservative peak below $100,000. For instance, the analyst Mags suggests that the next major level could be around $95,000, based on prevailing technical patterns.

According to Mags:

“BTC is still trading within a descending broadening wedge pattern. The price is consolidating near the upper resistance line, and a breakout could trigger a substantial rally. The technical target for this setup is $95,700.”

The bullish sentiment is further bolstered by a 3% increase in new Bitcoin investors since the $57,000 level.

Crypto researcher Axel Adler posits that this figure could rise by 50% as the Bitcoin cycle approaches its peak. He remarked:

“From the $57K level, new investors increased by 3%, a significant uptick compared to a 4% increase post-FTX crash. As the price moves up, we can expect a strong influx of new participants, potentially exceeding 50% at the cycle’s apex.”

Importance of Weekly Close Above $71,500

Prominent analyst Rekt Capital stresses that Bitcoin must achieve a weekly close above the $71,500 barrier to validate the next phase of the bull cycle.

In a recent post, Rekt Capital indicated that consolidation may persist for the upcoming weeks:

“A Weekly Candle Close above ~$71,500 could potentially trigger a breakout from the Re-Accumulation Range. Historically, Bitcoin has often consolidated within this range for a number of weeks.”

An extended period of consolidation could align Bitcoin more closely with prior historical halving cycles, which may push its peak further into the cycle, the analyst noted.

However, Bitcoin is encountering significant resistance levels around the $67,000 to $67,500 regions. If Bitcoin surpasses $67,000, it could result in the liquidation of over $940 million in cumulative short positions, according to data from CoinGlass.

Total liquidations could exceed $1.4 billion should Bitcoin price exceed $67,500.