Can Bitcoin Price Bounce To $120,000 Or Will It Break Below $100,000?

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The Bitcoin price has continued to trade sideways since hitting a new all-time high(ATH) of $111,900 earlier in May. Amid the current price action, crypto analyst Decode has provided insights into whether the leading crypto will rally to $120,000 or drop below $100,000 next.  Analyst Reveals What’s Next For The Bitcoin Price

In an X post, Decode shared an accompanying chart in which he made an ABC wave analysis of the current Bitcoin price action. Based on his analysis, the leading crypto is expected to drop below $100,000before it rallies to a new ATH of $120,000. The chart showed that BTC could fall to as low as $96,500 on the Wave B corrective move.  Related Reading Bitcoin Price Bounces Off Re-Accumulation Zone: Why $120,000 Could Be Next 1 week ago

This drop to $96,500 is expected to happen this month. Once that is done, Decode predicts that the Bitcoin price could rally above $120,500 before the end of July. This will mark the Wave C impulsive move to the upside. This aligns with veteran trader Peter Brandt’s predictionthat BTC could reach as high as $150,000 by late summer. Source: Decode on X

However, crypto analyst KillaXBT has predictedthat the Bitcoin price could hit the $120,000 target by mid-June. This coincides with the June FOMC meeting, which is scheduled for June 17 and 18. A Fed rate cut could serve as the catalyst for such a parabolic rally from the current BTC price level. 

According to CME FedWatch data, there is a 97.4% chance that the Fed would keep interest rates unchanged. As such, market participants aren’t expecting a rate cut, which is why the Bitcoin price could pump massively if Jerome Powell and the FOMC were to surprise everyone. Moreover, US President Donald Trump yesterday urgedthe Fed to cut rates by a full point.  A Breakout Might Be On The Cards

In an X post, crypto analyst Titan of Crypto suggested that a breakout could be imminent for the Bitcoin price. He noted that BTC is progressing inside a 4-hour falling wedge, which indicates a bullish reversal pattern. If confirmed, the analyst stated that the breakout could target the $107,500 and $109,500 zones, which are the Fibonacci confluence areas.  Related Reading Crypto Analyst Puts Bitcoin Price At $120,000 If This Range Breakout Happens 2 weeks ago

Crypto analyst Kevin Capital highlightedthe solid V-shape recovery for the Bitcoin price after the leading crypto dropped to as low as $100,000 on May 5. However, the analyst noted that BTC’s rebound back to the $105,000 zone won’t matter until it breaks above the $106,800 level. The leading crypto must also show actual follow-through with 3-day to 1-week closes to support a breakout.

At the time of writing, the Bitcoin price is trading at around $105,000. Up over 2% in the last 24 hours, according to datafrom CoinMarketCap. BTC trading at $104,957 on the 1D chart | Source: BTCUSDT on Tradingview.com Featured image from Getty Images, chart from Tradingview.com