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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 $100,000 before 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.
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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 prediction that BTC could reach as high as $150,000 by late summer.
However, crypto analyst KillaXBT has predicted that 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 urged the 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.
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Crypto analyst Kevin Capital highlighted the 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 data from CoinMarketCap.
Featured image from Getty Images, chart from Tradingview.com
