As Bitcoin, the first biggest cryptocurrency, remains a six-figure figure, the market is eagerly looking to see if it surpasses its current high of $109,114 in January.
This week, Blockstream CEO Adam Back said, “Bitcoin prices are oddly low, potentially reaching $500,000 or $1 million per cycle over the last four years.”
In a recent X post, Crypto analyst Ali showed that as long as the support level of $90,000 is retained, the next Bitcoin market top could reach $120,000.
The next #bitcoin $btc market top could be $120,000 as long as $90,000 in support is held. pic.twitter.com/1nazaimvzh
– Ali (@Ali_Charts) May 17, 2025
The $120,000 price range shows a 16% increase at current levels, suggesting the $90,000 level as a key technology level that allows Ali to determine whether BTC will surge to new highs or food stalls.
Bitcoin surged to a new local high of $105,787 on May 12th. Since the price bottom of $75,000 on April 9th, Bitcoin has won a powerful spot-driven rally, with a substantial accumulation growing between each move.
Profits have been coming as expected, but Bitcoin has fluctuated between $100,703 and $105,787 since May 9th.
What’s coming next?
At the time of writing, BTC has dropped by 0.75% over the past 24 hours to $102,901. This was a major crypto market experienced sales pressure in an early session on Saturday, with a crypto liquidation of around $300 million.
According to Ali, the lead assets should hold $90,000 in support so that the $120,000 target can be achieved as the market is waiting to see where Bitcoin moves. GlassNode reported major accumulation zones appearing between $93,000 and $95,000.
As a result, this zone is likely to serve as a strong level of support in the event of a short-term market decline, indicating a demand zone where investors can see value again.
