Bitcoin has traded sideways since reaching a new all-time high of $111,900 in early May. Crypto analyst Decode offered an outlook on whether Bitcoin will rise to $120,000 or fall below $100,000.
Decode’s ABC wave analysis suggests Bitcoin could decline to around $96,500 as part of a Wave B corrective move before rising above $120,500 by the end of July with a Wave C impulsive advance. This view aligns with veteran trader Peter Brandt’s forecast of Bitcoin hitting $150,000 by late summer.
Another analyst, KillaXBT, predicts Bitcoin may reach $120,000 as early as mid-June, potentially driven by the Federal Open Market Committee (FOMC) meeting scheduled for June 17-18. A Fed interest rate cut, while currently unlikely according to CME FedWatch data showing a 97.4% chance rates remain unchanged, could spark a significant rally. Meanwhile, former U.S. President Donald Trump recently called for a one-point rate reduction.
Other crypto analysts point to signs of a potential breakout. Titan of Crypto highlighted a 4-hour falling wedge pattern—a bullish reversal signal—with target zones near $107,500 and $109,500 based on Fibonacci confluence levels. Kevin Capital noted Bitcoin’s strong V-shaped recovery from the $100,000 low on May 5 but emphasized that a sustained breakout requires surpassing $106,800 with consistent closes over several days.
At the time of reporting, Bitcoin trades near $105,000, up over 2% in the past 24 hours, according to CoinMarketCap data.