Bitcoin Could Hit $120K Soon—But Only If This Key Level Doesn’t Break

Bitcoin remains in the spotlight as traders focus on whether the leading cryptocurrency can sustain its momentum. After reaching a local high of $105,787 on May 12, the asset has pulled back slightly but remains above the critical $100,000 threshold.

Currently, Bitcoin is valued at $102,901, and it has decreased by approximately 0.75% compared to yesterday. Such actions occurred after the crypto market experienced more than $300 million in liquidations on Saturday during the early hours.

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Market participants closely watch the $90,000 support level, which analysts say could determine Bitcoin’s next direction. As stated in a post by crypto analyst Ali on X, Bitcoin should remain above $90,000 for it to move towards $120,000. This would mark a 16 percent rise from current levels.

Glassnode has revealed that a significant accumulation has occurred between $93,000 and $95,000. The recent average cost basis for short-term holders supports this area as a reliable support level.

Based on trading volumes, Bitcoin appears to range between $100,703 and $105,787 after May 9. Even as some traders close their positions, others add to their holdings, aiding the market in staying stable.

$90K Support Becomes Pivotal as Bulls Eye Higher Targets

This support range is now deciding whether Bitcoin can resume its climb. A dip below $90,000 could weaken short-term bullish momentum and trigger additional downside pressure. However, holding above this level may clear the path to new highs.

Arthur Hayes, Chief Investment Officer of Maelstrom Fund, also said that Bitcoin could rise to $1 million by 2028. He attributed this prediction to how increasing tensions between the U.S. and China are leading to more capital being confined within U.S. borders.

So far, it’s clear that buyers have been able to maintain the market, especially during periods of consolidation. The trend in on-chain indicators highlights that investors are bullish on the asset.

Bitcoin’s growth path to $120,000 largely depends on its ability to surpass the $90,000 mark. A failure by support could spark a new upward leg in the market.

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