With Bitcoin (BTC) being a small consolidation of under $105,000, analysts have identified a historic trend that could drive flagship cryptocurrency to a new record high in the coming weeks.
From the bottom of early April, Bitcoin has moved in a clear, gradual pattern of $10,000, first surpassing $74,000, then $84,000 and $94,000, and now consolidating nearly $104,000.
This consistent progression tested and compromised each primary level, creating a well-defined upward channel.
According to well-known cryptography analysts Trade shot in TradingView Posted on May 16th, the formation suggests that Bitcoin is trading within rising channels, indicating a room for ongoing profits.
If the channel is held, the next potential milestones are $114,000, $124,000 and ultimately $134,000, a major target trading shot project in late June or early July.
But bullish structures carry risks. A breakdown below the lower limit of the channel can trigger sharp fixes, with a potential for support of about $94,000 or $84,000.
Bitcoin’s road to $120,000
In addition to bullish sentiment, analyst Ali Martinez noted in a May 17 X post that as long as Bitcoin maintains support of over $90,000, it can aim for a new high of nearly $120,000.
Martinez’s analysis is based on the “Destroyed Cumulative Value Day” (CVDD) indicator, indicating that Bitcoin is currently in a healthy accumulation stage. Historically, this metric has identified the top and bottom of the market, with current trends suggesting a potential blow-off top of $120,000.
According to the charts, Bitcoin is currently in the final stages of accumulation. The CVDD is $34,153 and the main resistance is $124,088. Support remains at $90,000. This is an area consistent with the main psychological and technical levels.
Amid this optimistic outlook, Bitcoin has recently hovered between $104,000 and $105,000. Analysts believe the asset could be consolidated within the bullish flag. This is a continuation pattern following a strong surge from $74,400 to $105,900. The rally was driven by margin liquidation and strong spot demand supported by billions of BTC ETF influx.
Bitcoin price analysis
By press time, Bitcoin had fallen about 0.6% on both the daily and weekly charts, trading at $102,977.
Still, BTC is $86,134 above the $90,993 50-day Simple Moving Average (SMA) and 200-day SMA, strengthening its strong bullish momentum. The gap between current prices and these moving averages suggests that the uptrend will remain intact even if short-term pullbacks occur.
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