Bitcoin (BTC) Price Continues to Rise, Testing the $107,000 Resistance

The cryptocurrency market continued to rebound slightly on Monday, with Bitcoin hitting an intraday high of $107,068 before retreating to around $102,105.

The cryptocurrency market saw a slight rebound on Monday, with Bitcoin hitting an intraday high of $107,068 before pulling back to trade at around $102,105.

As of press time, Bitcoin is trading at $105,850, showing a 24-hour fluctuation of less than 1%, and a 24-hour trading volume is trading at 40% to $64.63 billion, according to data from CoinMarketCap.

Some market observers have noticed an interesting “staircase” pattern in Bitcoin’s recent rise.

Analyst Trader Tardigrade pointed out that the BTC price seems to be rising in phases, with each rising band of about $10,000, and a brief pause after each rise. He mentioned the movement from $75,000 to $85,000, then to $95,000, and most recently to $105,000. After each jump, there are usually seven to ten days of relatively calm sideways consolidation.

For traders, this pattern presents predictable opportunities to take profits or enter new positions. These consolidations can serve as new support levels, indicating that buyers are willing to enter the market again. If this pattern continues, the next logical target could be $115,000, which is about 11% higher than the current price.

Tardigrade believes that the value of the $100,000 mark is self-evident. This integer is not only an important psychological defense, but also a strong technical support. It is worth noting that after a sharp increase of 11% in early May, Bitcoin still maintained a slight increase of 0.5% last week. This "slow bull" feature is healthier and more sustainable than violent fluctuations.

Chart analyst CryptoCon offers a more optimistic outlook through the “Golden Ratio Multiplier” model.

CryptoCon said the model was one of the few technical indicators that accurately predicted the top of the Bitcoin cycle in April 2021.

According to the model analysis, in March 2024, the market has reached the middle top of this cycle, which means that the market is likely to test the top again. The current model shows that the fifth-level target is $160,000 and continues to rise. This trend is quite similar to the bull market cycle from 2015 to 2017 - the current stage is equivalent to the position in April 2017, which is the eve of the main bull market. Historical experience shows that this slow accumulation stage often indicates that there may be an accelerated rise in the subsequent market.

It is worth noting that although this technical analysis has a certain reference value, the target of $160,000 is based on the calculation results of a specific model, and the actual trend may be affected by many factors. For ordinary investors, understanding this cyclical feature helps to grasp the market rhythm, but more importantly, it is necessary to do a good job of risk management.

Analyst Willy Woo offers another perspective. He believes that Bitcoin has transitioned from a volatile, explosively growing asset to a more mature financial instrument.

While many still envision Bitcoin as a rapidly soaring "magical unicorn," Woo notes that the era of annual growth rates exceeding 100%, last seen in 2017, is largely behind them. He identifies 2020 as a pivotal year for Bitcoin’s institutionalization, as institutions, companies, and sovereign entities began significantly accumulating the cryptocurrency.

However, as more institutional capital enters, Bitcoin’s compound annual growth rate (CAGR) will naturally decrease from triple digits to around 30%-40%, and it will continue to moderate.

This decrease, according to Woo, is a direct consequence of Bitcoin’s increasing maturity and its evolving role as a primary store of capital. He highlights Bitcoin’s status as a global financial asset, which will continue to absorb capital until it reaches its equilibrium point.

Looking further ahead, Willy predicts that Bitcoin’s CAGR will eventually stabilize in line with broader economic trends, which he estimates at around 8% per year (combining 5% long-term monetary expansion and 3% GDP growth).

Despite this future growth rate being relatively slow compared to Bitcoin’s early days, Willy remains optimistic about its long-term performance. He concludes by saying that until then (and perhaps another 15-20 years), people can enjoy the ride, as few publicly investable products can match Bitcoin’s performance over the long term, even if Bitcoin’s CAGR continues to decline.