Bitcoin Price Prediction: Can BTC Hit $120,000?
Key Insights:
- Bitcoin price prediction suggests that BTC is bullish and on the verge of making a new all-time high.
- BTC has finally broken out of a prolonged consolidation phase, paving the way for a further rally.
- The next Bitcoin (BTC) market top could be at $120,000, says a crypto expert on X (formerly Twitter).
Bitcoin price prediction appears bullish and is currently on the verge of making a new all-time high. With 3.20% upside momentum, BTC has opened the path for a massive rally. Not only that, it has also posted the highest weekly close in its history.
Current Price Momentum
At press time, BTC was trading near $106,566 and had recorded a price surge of over 3.20% in the past 24 hours. This surge, along with the ongoing shift in market sentiment, has garnered significant attention from traders and investors, leading to a 40% jump in recorded trading volume.
With the recent surge, Bitcoin has recorded its highest weekly close in history after multiple attempts in 2024 and 2025. Moreover, it appears to be a bullish breakout.
Bitcoin (BTC) Price Action and Technical Analysis
According to expert technical analysis, the Bitcoin price prediction appears bullish. It has finally broken out of a prolonged consolidation that formed near its all-time high. This breakout has now opened the path for BTC to soar and reach a new high in the coming days.
Following the successful daily candle close above $106,000, questions are being raised about whether BTC will repeat its history or is poised to make new history by hitting a fresh all-time high.
As per the daily chart, the current level of $106,500 has consistently acted as a strong resistance,, and whenever BTC has it reached this level,, it has experienced downside momentum.
Additionally, on the weekly time frame, BTC has made history by closing a candle above the $106,000 level for the first time. This also indicates that Bitcoin is bullish on the weekly chart and may continue its upward rally in the coming days.
Bitcoin Price Prediction
Based on recent price action and historical patterns, if the asset’s upside momentum continues and it closes a daily candle above the $106,800 level, Bitcoin price prediction suggests that it could soar significantly and reach a new high in the coming days.
Expert View on BTC
After this notable upside rally, a prominent and well-followed crypto expert shared a post on X (formerly Twitter), stating that a strong rejection at $105,900 could push the BTC price down to key support levels at $103,400 and $101,300 in the coming days.
Big rejection again at $105,900. Key support for #Bitcoin $BTC now at $103,400 and $101,300! pic.twitter.com/rA4icGa26w
— Ali (@ali_charts) May 18, 2025
As of now, Bitcoin’s Relative Strength Index (RSI) stands at 61, near the overbought territory, but it indicates that BTC still has enough room to continue its upward momentum and potentially make a new high.
Earlier, a prominent and well-followed crypto expert shared a post on X (formerly Twitter) stating that BTC could reach the $120,000 mark in the future if it maintains itself above the $90,000 level.
The next #Bitcoin $BTC market top could be at $120,000 as long as the $90,000 support holds! pic.twitter.com/1NAZaImvzH
— Ali (@ali_charts) May 17, 2025
$414 Million Worth of BTC Outflow
With the upside momentum, investors have shown strong interest in the asset and have been accumulating heavily, as reported by the on-chain analytics firm Coinglass.
Data from spot inflows and outflows reveal that exchanges across the globe have recorded an outflow of $414.09 million worth of BTC in the past 24 hours.
Such an outflow, given the current market sentiment, looks like potential accumulation that could cause buying pressure and an upside rally.
Bitcoin Price Prediction
