Popular digital assets analyst at X Handle Crypto Patel has stated that Bitcoin is currently re -testing a crucial price resistance at the price area of $ 106,500. Based on the performance of the Activum at this level, BTC investors could expect a bullish price control or a considerable pricebackback.
After a short increase of more than $ 105,000 on 12 May, Bitcoin has remained reached, which has not been a significant price movement since then. Bullish sentiments, however, remain high, as shown by US BTC Spot ETFs that create almost $ 2 billion in net weekly investments.
Bitcoin at a crossroads: Can bulls push to $ 120k – or wait for a fall to $ 75k?
In one X On May 16, Crypto Patel shares a simple technical analysis of Bitcoin price movement, which emphasizes the current major support and resistance levels. According to the analyst, Bitcoin’s most recent price win shows that it is actively a critical resistance to the price area of $ 106,500. In particular, this resistance bond has proven effective when inducing price declarations in December and January. If Bitcoin Bulls can control sufficient market demand to subdue this price barrier, Crypto Patel projects Premier Cryptocurrency’s current upward trend with an initial price objective at $ 120,000.
On the other hand, a different price rejection could damage the expectations of current investors, because such a negative development would force the prices under the crucial support zone of $ 90,000 to act as low as the current market base at $ 75,000. This projected correction indicates a potential decrease of 27.1% compared to the current market price despite the currently robust bullish sentiments.
Interestingly, the Relative Strength Index (RSI) shows that Bitcoin has recently fallen from the Overbough area, so that predictions of an approaching price correction are supported. However, macroeconomic developments such as the 90-day tariff reinforcement between the US and China, and strong levels of institutional investments, increase the potential of a bullish trend continuation.
Bitcoin -Price forecast
At the time of the press, Bitcoin is appreciated at $ 103,355 after a decrease of 1.62% in the past week. However, the monthly performance of the Activum reflects a profit of 21.46%, which signals most new market arrivals are still in profit.
According to the forecast site, CoalcodexInvestors show a high level of greed as indicated by the Fear & Greed Index at 74. Coincodex -analysts predict Bitcoin to reach $ 127,872 in the coming five days, followed by a price correction that will return the prices to around $ 111,616.
For long -term investments, the analysts Bitcoin projects a rating of $ 155,583 in three months and $ 148,167 in six months.