Bitcoin recently achieved a remarkable peak, soaring close to $112,000, but has since experienced a decline, retracting over 7% of its value. Despite this downturn, notable crypto analyst known as KillaXBT remains optimistic, predicting a resurgence in Bitcoin’s price and a return to its bullish trajectory shortly.
Strategic Long Positions Suggested for Bitcoin Investors
In a recent update on X, KillaXBT advised investors to consider long positions at approximately $104,000. This seasoned analyst, known for accurate forecasts at key price points like $76,000 and $94,000, believes Bitcoin could reach a notable $120,000 by mid-June.
KillaXBT indicates that the recent market correction aligns with anticipated trends, suggesting investors need not panic or adopt a bearish stance. This analysis emphasizes the foundational strength of Bitcoin’s market behavior.
Moreover, the analyst describes the current market dynamics as a “sideliners’ rally.” With substantial increases in the M2 Money Supply, signifying enhanced market liquidity, there remains a noticeable lack of active participation among investors, as shown by indicators like the negative premium index and low funding rates. This scenario suggests that the ongoing bullish momentum might be fueled by long-term advocates, potentially including institutional players and major market stakeholders, which could lead to a more sustained price rally.
The trading charts indicate that the price correction has generated what KillaXBT refers to as a “monthly open trap,” just beneath the $104,000 threshold. He counsels investors to strategically enter a long position with aspirations for $120,000 in the near term.
However, KillaXBT also acknowledges potential risks in the market. A decisive close below $97,000 could undermine this bullish outlook, leading to an alternate strategy. He proposes that if this level is breached, investors could consider re-entering the market with long positions slightly below $97,000, aiming for a recovery toward $109,000 to recover from prior losses while maintaining a bullish outlook.
Future Price Forecast for Bitcoin
As of now, Bitcoin is trading around $104,519, reporting a modest 0.70% increase over the past 24 hours. Nonetheless, a significant drop in trading volume, by 34.21%, indicates a decrease in overall market engagement.
According to industry-leading prediction source CoinCodex, market sentiment among Bitcoin investors remains bullish despite recent setbacks. The platform echoes this optimism with a forecast suggesting Bitcoin may rise to $132,409 in the next five days, indicating a potential 26% gain from current price levels.
