Source: Cointelegraph
Original: “Will Bitcoin Price Rise to $116,000? BTC Traders Anticipate 'Early Next Week' All-Time Highs”
Key Points:
Bitcoin is convincing traders that an upward breakout is imminent, with historical highs in sight.
One target calls for BTC/USD to reach $116,000 next week, decisively breaking out of its narrow range.
One option for Bitcoin's price action in the new week is a brief pullback before continuing to rise.
Bitcoin's volatility dropped to its lowest at the weekly close on May 18, with traders betting on a new round of breakouts.
Data from Cointelegraph Markets Pro and TradingView shows that the area around $103,000 has been a focal point for Bitcoin's price throughout the weekend.
Currently, BTC/USD is experiencing minimal fluctuations, ready for liquidity grabs, with data from monitoring resource CoinGlass confirming that $105,000 and $103,000 are both target levels.
When commenting on the current market structure, traders generally hold a bullish outlook, expecting to challenge historical highs again and return to the price discovery phase.
“Bitcoin target early next week: $116,000,” prominent trader Alan summarized in his latest short-term forecast on the X platform.
The accompanying chart highlights the low volatility characteristics of BTC/USD over the past week.
“Bitcoin is brewing in this converging triangle, with decreasing volume, which is a common indicator of a potential breakout,” Alan added.
Another trader, Mikybull Crypto, described the market structure as a “daily diamond pattern breakout.”
$BTC INTRADAY DIAMOND PATTERN BREAKOUT pic.twitter.com/gMGMub7nTt
“In the recent rise, we have seen a persistent spot premium on Coinbase. This is a good sign indicating solid demand in the market,” trader Daan Crypto Trades continued, referring to strong support from U.S. buyers pushing Bitcoin back into the six-figure price range.
A more conservative view suggests there will be a temporary pullback before the upward trend resumes.
“It’s been a slow week, and Bitcoin has yet to break through resistance, which makes me think this situation may be brewing,” trader CrypNuevo stated.
Daan Crypto Trades added that Bitcoin has not yet broken through the final resistance level relative to stocks.
$BTC Has failed to push higher relative to stocks. The recent relative weakness has come after the US has made a "Deal" with China. This does show that BTC has turned into this asset which gets interesting for investors when outflows and uncertainty happen elsewhere. So while… https://t.co/hShAZxGM21 pic.twitter.com/UEPZNGWjff
As Cointelegraph reported, long-term concerns include a comprehensive pullback after the rebound that rescued BTC/USD from near $75,000 months low in April.
The possibility of sweeping near the $90,000 level is also within the market's focus.
Related: Australian Federal Police Seize Luxury Homes and Bitcoin (BTC) Allegedly Linked to Crypto Exchange Hacking
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