The cryptocurrency community is abuzz with speculation about Bitcoin’s next major price milestone, with predictions ranging from $95,000 to $120,000. Prominent crypto trader Mikybull suggests that Bitcoin is gearing up for another significant rally that could push its price above $120,000. He shared this bullish outlook with his 71,000 followers on X (formerly Twitter) on July 31, stating, “Bitcoin is getting ready for the next wave of rally which will bring it to $120k+ level. Buckle up your seatbelt.”
Conservative Estimates and Technical Analysis
On the other hand, some analysts are more conservative in their predictions. Crypto analyst Mags, for instance, forecasts a macro top slightly below $100,000. According to Mags, Bitcoin is trading within a descending broadening wedge pattern, with a potential breakout leading to a target of $95,700. Mags highlighted this in a July 31 X post, noting, “BTC is still trading within a descending broadening wedge pattern. The price is consolidating near the upper resistance line, a breakout could lead to a massive upside rally.”
New Investors Fuel Bullish Sentiment
Contributing to the optimistic outlook, new Bitcoin investors have increased by 3% since the price reached the $57,000 level. Axel Adler, a crypto researcher and verified CryptoQuant author, expects this influx to grow significantly as Bitcoin’s price climbs. He noted that during the previous cycle’s peak, new investors surged by over 50%. Adler explained, “From the $57K level, the market gained 3% new investors – that’s a lot, considering that after the FTX crash, the metric increased by 4%. The main influx of newcomers will resume with the price rise, and at the peak of the cycle, it should exceed 50%.”
Key Levels to Watch: $71,500 Weekly Close
Popular analyst Rekt Capital emphasizes the importance of a weekly close above $71,500 to confirm Bitcoin’s next leg up in the bull cycle. In a July 29 X post, Rekt Capital suggested that Bitcoin might consolidate within a re-accumulation range for several weeks before a breakout occurs. He stated, “A Weekly Candle Close above ~$71500 would probably kickstart the breakout from the Re-Accumulation Range. However, history suggests Bitcoin should consolidate inside this Re-Accumulation Range for several weeks more.”
Resistance Levels and Potential Liquidations
Bitcoin faces significant resistance at the $67,000 and $67,500 levels. Breaking above $67,000 could lead to the liquidation of over $940 million in cumulative leveraged short positions, according to CoinGlass data. If the price surpasses $67,500, total short liquidations could exceed $1.4 billion, further fueling a potential rally.
While the path to $120,000 is not without obstacles, the combination of bullish technical patterns, an increasing number of new investors, and critical resistance levels suggests that Bitcoin could be on the verge of another significant price surge. Traders and analysts alike will be closely watching Bitcoin’s performance in the coming weeks to see if it can achieve a weekly close above $71,500 and continue its upward trajectory.
