Bitcoin to $120,000？ Here's What Must Happen First, per Analyst

As Bitcoin, the first and largest cryptocurrency, remains at six figures, the market is eagerly watching to see if it will surpass the current all-time high of $109,114 set in January.

This week, Blockstream CEO Adam Back remarked that “Bitcoin's price was strangely low and could surge to $500,000 or even as high as $1 million per coin this four-year cycle.”

In a recent X post, Ali, a crypto analyst, indicated that the next Bitcoin market top could reach $120,000, as long as the $90,000 support level holds.

The next #Bitcoin $BTC market top could be at $120,000 as long as the $90,000 support holds!

A $120,000 price point indicates a 16% increase over current levels, with Ali hinting at the $90,000 level as a key technical level that could determine whether BTC surges to new highs or stalls.

Bitcoin soared to a new local high of $105,787 on May 12, aided by significant accumulation evident in on-chain volumes. Since the $75,000 price bottom on April 9, Bitcoin has had a strong spot-driven rally, with substantial sideways accumulation bouts between each move higher.

Profit taking is happening as expected, but Bitcoin has fluctuated between $100,703 and $105,787 since May 9.

What comes next？

At the time of writing, BTC was down 0.75% in the last 24 hours to $102,901, as the larger crypto market experienced selling pressure in the early Saturday session, with roughly $300 million in crypto liquidations.

As the market waits to see where Bitcoin goes next, according to Ali, the lead asset must hold support at $90,000 for the $120,000 target to be achievable. Glassnode reported a key accumulation zone emerging between $93,000 and $95,000, which aligns closely with the short-term holder cost basis over the last 30 days.

As a result, this zone is likely to serve as a strong support level in the case of a short-term market decline, indicating a demand zone where investors may see value once more.