Bitcoin’s price action remains in focus after reaching a historic all-time high of $111,900 in May, with analysts divided on whether BTC will surge to $120,000 or retest critical support below $100,000. Recent technical analysis suggests a potential bull flag pattern forming, setting up for a major move in either direction.
Wave Analysis Points to Temporary Pullback Before Rally
Crypto analyst Decode has presented an ABC wave analysis suggesting Bitcoin may need to complete a corrective move before continuing its upward trajectory. The analysis indicates BTC could drop to $96,500 in a Wave B correction this month before initiating a Wave C impulse move targeting $120,500 by July’s end.
This technical outlook aligns with veteran trader Peter Brandt’s prediction of Bitcoin reaching $150,000 by late summer, suggesting the current consolidation phase may be temporary.
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FOMC Meeting Could Catalyze Next Major Move
The upcoming June FOMC meeting (June 17-18) could serve as a crucial catalyst for Bitcoin’s next directional move. While CME FedWatch data shows a 97.4% probability of unchanged rates, recent statements from former President Trump calling for a full point rate cut have added an element of uncertainty to the market.
Technical Indicators Signal Potential Breakout
Multiple technical analysts have identified bullish patterns forming on Bitcoin’s chart. Titan of Crypto highlights a 4-hour falling wedge pattern, typically a bullish reversal signal, with potential targets at $107,500 and $109,500 Fibonacci confluence zones.
Key Support and Resistance Levels
- Current Price: $105,000
- Key Resistance: $106,800
- Critical Support: $100,000
- Secondary Support: $96,500
- Upside Target: $120,500
Frequently Asked Questions
What could trigger a Bitcoin price breakout to $120,000?
A surprise Fed rate cut, increased institutional adoption, or a break above the $106,800 resistance level with strong volume could catalyze a move to $120,000.
What are the key support levels to watch?
The primary support zone lies at $100,000, with secondary support at $96,500. These levels are crucial for maintaining bullish momentum.
When could Bitcoin reach $120,000?
Analysts provide varying timeframes, from mid-June to late July 2025, depending on market catalysts and technical pattern completions.