Bitcoin’s Potential Surge Towards New Heights: An In-Depth Analysis
Bitcoin Nears Potential New Record Highs
As Bitcoin (BTC) edges closer to a prospective all-time high, possibly reaching $120,000, a prominent analyst has issued a word of caution regarding the current bull market. This analyst suggests that the market might be entering its concluding phase.
Final Resistance Before Price Discovery
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According to insights from the analyst known as MasterAnanda, Bitcoin is currently facing its last significant resistance barrier before it can embark on full price discovery. This critical resistance level could potentially halt the ongoing rally, with a market peak expected by late 2025, followed by a downturn, as highlighted in a TradingView post dated May 18.
Resistance Zone and Future Projections
MasterAnanda has identified a crucial resistance zone between $120,000 and $130,000. These levels align with predictions from another analyst, Tradingshot, who forecasts Bitcoin reaching $130,000 by June 2025, as reported by Finbold.
Potential Mid-Cycle Correction
However, a significant mid-cycle correction within this range could limit Bitcoin’s upward potential. For the cryptocurrency to achieve its full bullish target, possibly ranging between $180,000 and $220,000, the trading expert advises that any substantial pullback should ideally occur later, around the $150,000 to $160,000 range.
Extended Bull Run Forecast
Based on this analysis, Bitcoin’s bullish trend may persist up to November 2025, granting the market an additional six months of upward momentum before a potential bear phase begins. The analyst remarked, “We are still in May (month #5), and the minimum expected growth could continue until November (month #11), giving us six months. Six months of upward movement is quite lengthy. With a 2-3 month correction now, it doesn’t seem that long.”
Bitcoin’s Potential Journey Beyond $200,000
Adding to the optimistic perspective, a pseudonymous crypto analyst named Thescalpingpro shared a projection in an X post on May 18, forecasting a cycle peak of $207,701. This target is supported by historical trends and technical indicators, particularly the Fibonacci extension levels.
Resistance and Fibonacci Extension Levels
During the previous bull market, Bitcoin reached its peak at the 3.618 Fibonacci extension. Currently, BTC remains below the 1.618 level, with the next significant resistance at the 2.618 extension near $154,522. If Bitcoin surpasses this zone, the analyst anticipates the 3.618 level at $207,701 to serve as the ultimate resistance.
Current Bitcoin Price Analysis
At present, Bitcoin is attempting to reclaim the critical $105,000 resistance level, which is essential for setting the stage for a new all-time high above the previous record of nearly $110,000. As of the latest data, BTC is trading at $104,665, marking an increase of almost 2% over the past 24 hours.
Market Sentiment and Caution
Although market sentiment and technical indicators remain bullish, caution is advised. Momentum indicators, including the 14-day Relative Strength Index (RSI), are approaching the overbought threshold at 67, which requires careful monitoring to avoid potential market corrections.
