Bitcoin Price Prediction: Can BTC Break Out & Rally To $173K Soon?

Highlights:

• Bitcoin broke above $107K resistance with upside targets at $111K and $112K based on Fibonacci extensions.
• Analyst targets $130K as the next major resistance, followed by a retrace and rally to $173K.
• Ascending trendline and Fibonacci levels support a bullish BTC structure if price holds above $107K.

Bitcoin price broke above $107,000 on May 21, creating new speculation that it could continue increasing. Both technical signals and analysts’ Bitcoin price predictions indicate that the top may rise further if the present trend is sustained.

Bitcoin Price Prediction: Next BTC Targets at $111K and $112K

Notably, Bitcoin managed to hold above the $107,000 level in its present trading pattern. Recently, Ali Martinez shared a chart showing that price action has been forming an ascending trendline.

Following many rejections, BTC finally broke upwards past horizontal resistance, hinting it could continue moving higher. According to Fibonacci levels shown on the chart, the next areas of resistance are found at $111,228 and $112,386. Consequently, this suggest a 4.57% gain above the breakout zone.

In addition, these levels became important targets for traders in the short run. Historically, whenever BTC gets close to important Fibonacci targets, it often slows down briefly before continuing its progress.

The recent trend in the market is consistent with this view, showing calmer prices and less volatility. Higher lows on the chart confirm that the market’s structure is solid, supporting the continuation of the trend.

Analyst Projects BTC Price Retrace After $130K Before $173K Target

Further on Bitcoin price prediction, analyst EGRAG Crypto has reaffirmed his earlier projection made on March 24. His latest chart suggested that Bitcoin could reach $130,000, a level that matches the 1.414 Fibonacci extension. After reaching this level, BTC is expected to make a price correction before pushing higher to reach $173,000.

Additionally, the analyst’s historical comparison charts showed symmetry in previous 231-day bull cycles, appearing to repeat in the current structure. They occurred when the price rose from under $68,900 and $73,500, key levels maintained from previous periods of low activity. EGRAG showed BTC layout, having traveled in the “fast lane” until a major drop below key trend points changes this structure.

Risk of Retracement Remains Before Long-Term Rally

Although BTC price is steadily moving up, analyst EGRAG Crypto noted that a downward move may occur before the price can break above $130,000. According to EGRAG, Fib 1.414 has generally caused reversals before crossovers. As a result, BTC can go back to the $103,500 or $90,000 areas that have supported it before.

Besides, such pullbacks are fairly common in long cycles and offer chances for traders to get in before the next rally. This important retracement is important as it decides how quickly and strongly the crypto will rise to $173,000. Retracements often happen without breaking the main bullish trend, unless they reach much deeper levels.

On-chain and Technical Indicators Remain Bullish

Further on Bitcoin price prediction, key technical indicators turned bullish. The Moving Verge Convergence (MACD) line crossed above the signal line, suggesting bullish momentum. Histogram bars were turning positive, reinforcing potential upward price continuation.

While recent convergence indicates weakened momentum earlier, the new crossover and slope of both lines imply renewed buying strength.

Additionally, the Bull Bear Power (BBP) indicator showed strong positive values at 1,208, signaling dominant bullish pressure. The histogram was in green territory with consistent peaks reflecting buyer strength over sellers.

There is no immediate sign of reversal, and BBP supports the ongoing upward trend, suggesting bulls continue to control the short-term price movement.

Meanwhile, Bitcoin derivatives data indicated a bullish trend, with volumes rising 3.29% to $132.49B and open interest increasing 3.96% to $74 billion. Increased options volume by 12.16% showed that options traders may be actively hedging or speculating.

The 24-hour long/short ratio is very close to neutral. However, Binance top traders are inclined to hold longs with a position ratio of 1.5456.

Despite this, $71.92M was liquidated in the past 24 hours, with $46.59M from short positions. Rising long interest and higher liquidations of shorts suggest upward momentum, although high leverage use warrants caution amid volatility.