Bitcoin May Hit $140,000 – Analyst Perspectives on Resistance
Bitcoin (BTC) is attempting to reclaim a crucial support level, which could set the stage for a significant price increase towards its local range high. Market analysts suggest that this week’s performance is pivotal in establishing a broader trend for the rest of the month.
Recent Price Movements and Technical Analysis
After losing the critical $106,800 support level last week, Bitcoin has been in a struggle to regain this area as stable support. This level was significant as it supported BTC’s rise to a new all-time high (ATH). Following the peak of $111,980, Bitcoin experienced a notable drop of over 8%, declining to a 10-day low near the $102,000 mark over the weekend.
As the new week unfolds, Bitcoin has managed to recover to the $105,000 range, and saw a surge beyond the $106,500 mark before hitting resistance on Tuesday morning at this critical horizontal level. Despite the recent fluctuations, Bitcoin achieved its highest monthly close ever at $104,591 by the end of May, indicating resilience and maintaining its trading range between $103,000 and $110,000.
Future Price Targets and Market Sentiment
Adding to the optimistic outlook, analyst Crypto Jelle has pointed out that the cryptocurrency’s attempts to reclaim the $105,000-$106,000 area could align with Fibonacci retracement levels, with potential bullish targets suggesting a rise towards the $130,000 threshold. Analyzing Bitcoin’s historical performance during this cycle reveals patterns similar to its earlier rally in Q4 2024, featuring a trend breakout followed by a period of consolidation before a subsequent upward movement. Jelle described Bitcoin as currently being in the second phase of this pattern after breaking out from an early 2025 downtrend line.
Power of 3 (Po3) Setup
Jelle affirms that the Power of 3 (Po3) mechanism remains in effect, targeting a price expansion phase between $140,000 and $150,000. This view suggests that Bitcoin faces one final speed bump— reclaiming its previous ATH— before it can surmount to new highs.
Market Volatility and Upcoming Trends
Market analyst Daan Crypto Trades remarked on the interesting week and month ahead for Bitcoin, emphasizing that its recent sideways trading could be consolidating a large number of positions on both bullish and bearish sides. This buildup sets the stage for a potential breakout, as price movements in either direction could lead to substantial shifts in capital flows.
Monthly High or Low Predictions
- Historical Trends: Bitcoin often sets the monthly high or low during the first week, followed by reversals and a trend continuation throughout the month.
- Potential Downside: Should Bitcoin fail to hold its current levels, a drop could ensue, targeting a support zone near $98,000 before potentially bouncing back.
- Optimistic Scenario: Conversely, a significant price rally could lead to retests of lower range levels throughout the month, suggesting an ultimately positive sentiment from traders.
As of this writing, Bitcoin trades at approximately $105,889, reflecting a 1% increase on the daily timeframe. Investors are advised to monitor the prevailing trends closely as Bitcoin’s path forward continues to garner interest across market sectors.
Conclusion
Bitcoin’s short-term trajectory appears pivotal in determining if it can reclaim key support levels and transition into a rally phase. With a blend of technical indicators and historical patterns providing insights, investors will be keenly observing the unfolding market dynamics to navigate potential upcoming price movements.
Source: newsbtc