A popular digital asset analyst using the X Handle Crypto Patel says Bitcoin is retesting key price resistance in the currently priced region of $106,500. Based on the performance of the asset at this level, BTC investors could expect a bullish price continuation or a significant price draw.
After a surge of over $105,000 on May 12, Bitcoin remains bound by range and has not seen any major price movements since. But as demonstrated by the US BTC Spot ETF, bullish sentiment remains high, with another $2 billion net weekly investment of $2 billion.
Bitcoin at the intersection: Can the Bulls push up to $120,000?
In a May 16th X post, Crypto Patel shares a brief technical analysis of Bitcoin price transfer, highlighting current key support and resistance levels. Bitcoin’s latest price profits show that it is retesting significant resistance over a price region with assets of $106,500, according to analysts.
In particular, this resistance band has proven effective at inducing price rejections in December and January. If Bitcoin Bulls can order sufficient market demand to curb this price barrier, Crypto Patel predicts that it will maintain its current uptrend with an initial price target set at $120,000.
Another price denial, on the other hand, could undermine current investors’ expectations. Because such negative developments mean that prices are just below the $90,000 support zone, just as low as $75,000, just as low as the current bottom of the market. This predicted correction suggests a potential 27.1% drop of 27.1% from current market prices despite current robust bullish sentiment.
Interestingly, the Relative Strength Index (RSI) shows that Bitcoin has immersed itself from the territory it recently acquired, supporting forecasts of imminent price adjustments. However, macroeconomic developments such as the 90-day tariff ceasefire between the US and China, as well as strong levels of institutional investment, have increased the likelihood of continuing bullish trends.
Bitcoin price forecast
At the time of pressing, Bitcoin was valued at $103,355 after a 1.62% decline last week. However, the assets’ monthly performance reflects a profit of 21.46%, indicating that most new market entrants are still profiting.
According to forecast site CONCODEX, investors show a high level of desire, as shown by the 74 Fear & Greed Index. Cincodex analysts predict that Bitcoin will reach $127,872 over the next five days, followed by a price adjustment that will bring the price back to around $111,616.
For long-term investments, analysts will reach Bitcoin valuations of $155,583 in three months and $148,167 in six months.
Pexels featured images, TradingView charts
