Bitcoin (BTC) Eyes $135K All-Time High, But Losing Key Support May Trigger Sharp Drop to $100k.

According to CrypNuevo, breaking $112K-$114K liquidation zone could trigger Bitcoin's surge to $115K.

Bitcoin (BTC) is on the verge of a breakout, especially with the highly anticipated Bitcoin 2025 Conference kicking off on May 27 in Las Vegas. As traders set their sights on a potential all-time high near $135,000, one critical support level could decide everything.

According to the analyst CrypNuevo, if this zone is lost, a sharp drop to the $100K mark might follow.

Here’s what’s happening with Bitcoin’s chart right now.

Charting a Potential Bearish Case For Bitcoin

According to CrypNuevo, Bitcoin has managed to flip a former resistance level into support, forming a promising structure known in technical analysis as an R/S (resistance/support) flip.

This move is crucial because holding this level could keep the bullish momentum alive. If Bitcoin manages to stay above this level in the next few days, it could climb even higher.

At the same time, well-known crypto expert Wise Advice believes that if Bitcoin follows the movement of the money supply (M2), its price could rise by about 24%, reaching $135K by July.

Liquidation Zones Hint At $115K Target

Looking at longer timeframes, CrypNuevo notes a cluster of liquidations between $112K and $114K. These areas tend to attract price movement, especially since they are above Bitcoin’s recent highs.

If Bitcoin can break through this zone, a rise to $115K, a new all-time high, might happen.

This level also matches where many traders’ long leveraged positions could be forced to close, which might speed up the price jump.

Key Support Test Around $106K

However, the short-term picture tells a slightly different story. There’s some liquidation pressure around $105,700, which suggests the price may dip and retest support near $106,000. If Bitcoin manages to hold that level, it could offer a fresh and more favorable entry point for traders.

But if $106K fails, the price could fall further to the psychological $100K level. CrypNuevo notes that this dip would likely shake out weak hands but might also attract long-term buyers.

Currently, Bitcoin is trading around $109,700, showing a slight increase over the last 24 hours, with a market cap reaching $2.18 trillion.

Stay tuned for more updates!