Bitcoin Could Soon Reach $120K: But Only If This Important Level Is Not Broken

Bitcoin remains the center of attention as traders focus on whether this leading cryptocurrency can maintain its growth momentum. After reaching a local high of 105,787 dollars on May 12, the asset has slightly fallen but remains above the important threshold of 100,000 dollars. Currently, Bitcoin is priced at 102,901 dollars and has fallen about 0.75% compared to yesterday. Such actions come after the cryptocurrency market experienced over 300 million dollars in liquidations on Saturday in the early hours. Market participants are closely watching the support level of $90,000, which analysts believe could determine the next direction of Bitcoin. As stated in the post by cryptocurrency analyst Ali on X, Bitcoin must stay above $90,000 to move towards $120,000. This would mark a 16 percent increase from the current level.

Glassnode has revealed that there has been significant accumulation between $93,000 and $95,000. The recent average cost basis for short-term holders supports this area as a reliable support level. Based on trading volume, Bitcoin seems to fluctuate between $100,703 and $105,787 after May 9. Even as some traders close their positions, others continue to increase their holdings, helping to stabilize the market. Support of $90,000 Becomes a Key Factor as Bulls Eye Towards Higher Targets This support range is currently determining whether Bitcoin can continue to rise or not. A fall below $90,000 could weaken the short-term bullish momentum and cause further downward pressure. However, staying above this level could pave the way for new highs. Arthur Hayes, the investment director of the Maelstrom Fund, also stated that Bitcoin could rise to 1 million dollars by 2028. He believes this prediction comes from the increasing tensions between the United States and China that are causing more and more capital to be restricted within US borders. So far, it is clear that buyers have been able to sustain the market, especially during the consolidation phase. The trend in on-chain indicators shows that investors are optimistic about the asset.

The growth path of Bitcoin to 120,000 dollars largely depends on its ability to surpass the 90,000 dollar mark. A failure in support could trigger a new price surge in the market.