Key Insights
- Bitcoin had a mostly bearish week over the last 7 days, and dampened investor sentiment somewhat.
- The cryptocurrency is attempting to rally once again, and has travelled upwards to $104,000 over the last day.
- If Bitcoin successfully breaks above the $108,000 zone, it could target the $120,000 zone this week.
- IntoTheBlock and TradingView data show an intense level of bullishness for Bitcoin, along with a positive week ahead.
Bitcoin has made a resurgence over the weekend, and has found a new wave of upward momentum.
However, its slightly bearish performance over most of the previous week has raised some questions about its ability to continue further upwards.
Can we see the $120,000 price level this week?
Here’s a closer look at Bitcoin’s current market situation and what might lie ahead for this week and beyond.
Recent Price Movements
Data available on CoinMarketCap and TradingView shows that Bitcoin rebounded strongly from the $92,000 support level only a few weeks ago.
This comeback helped it to climb towards the $100,000 mark and even hit the $110,000 zone right between the time of Donald Trump’s inauguration and his signing of the crypto executive order.
According to CoinMarketCap, the cryptocurrency trades at around $104,000 zone at the time of writing, with a healthy show of green across the general market.
The daily chart’s technical indicators—like the RSI for example—show that the bullish momentum may have waned, but is still intact nonetheless.
If this trend persists, the Bitcoin prediction shows that the cryptocurrency could be on its way to hitting the $120,000 price level.
What do the Bitcoin Price Charts Tell Us?
A look at the 4-hour timeframe shows that Bitcoin has been consolidating between the $100,000 and $108,000 range over the last 10 days.
This shows a level of indecision between the bulls and bears, with either party unsure of what might happen next.
Despite this price outlook, however, the general market structure remains bullish on the daily and weekly timeframe.
This goes without saying that a break above the $108,000 could be the ultimate kick start for the bulls.
This kind of break will more than likely result in a breakout above $110,000 and a possible target between $120,000 and $125,000.
On the flip side, a failure to maintain this price level could invite some bearish sentiment into the mix, and cause a crash towards $90,000 or lower.
The Exchange Whale Ratio
Another way to make a Bitcoin price prediction would be with on-chain metrics.
To start with, data from IntoTheBlock shows that a whopping 97% of Bitcoin investors are currently in profit.
Even better, users have moved transactions worth more than $100,000 around over the last 7 days, to the tune of 175.6 billion.
This shows a great deal of interest in Bitcoin, and is a level of health that hasn’t been seen since Bitcoin first crossed above its previous all time high around $70,000.
While Bitcoin attempted to climb above the $106,539 zone last week and failed, its price fell to $104,120 and then further down to the $100,000 zone.
The ongoing resurgence shows that the bulls are making a comeback, and we might see a reclaim of these important resistance zones soon.
Can Bitcoin break above the $108,000 zone and target $120,000 this week?
The answer is yes, and all roads lead towards a bullish week for the flagship cryptocurrency.
What About Further Into The Years?
Analysts generally believe that 2025 marks the last cycle of Bitcoin’s bull market.
This begs the question, what can investors expect from the flagship cryptocurrency over the next five years?
Luckily, AI predictions from CoinCodex provide some insights.
According to the online crypto resource, the bitcoin price prediction 2025 is $177,000, which will happen around July and deliver a 70% price increase from current levels.
The cryptocurrency is also expected to be in the middle of another bull run over the next five years, and the Bitcoin price prediction 2030 indicates a high of $271 in April of the year.
