As Bitcoin (BTC) Price Remains Above $100K, Analyst Predicts Next Market Top Could Be at $120,000

This week, Blockstream CEO Adam Back remarked that "Bitcoin's price was strangely low and could surge to $500,000 or even as high as $1 million per coin this four-year cycle."

Bitcoin (BTC) is closely being watched to see if it will manage to surpass the current all-time high of $109,114, which was set in January.

After remaining at six figures for a week, the flagship cryptocurrency is now being tipped to reach $500,000 or even as high as $1 million per coin this four-year cycle, according to Blockstream CEO Adam Back.

Meanwhile, crypto analyst Ali has stated that the next Bitcoin market top could be at $120,000 as long as the $90,000 support level holds.

The next #Bitcoin $BTC market top could be at $120,000 as long as the $90,000 support holds! pic.twitter.com/1NAZaImvzH

A $120,000 price point would indicate a 16% increase over current levels, with Ali highlighting $90,000 as a key technical level that could determine whether BTC surges to new highs or stalls.

The crypto analyst is closely watching the $90,000 zone, highlighting it as a crucial support level that needs to hold to keep the door open for further upside toward the $120,000 price zone.

Bitcoin rose to a new local high of $105,787 on Friday, May 12, helped by the significant accumulation that was evident in on-chain volumes.

Since setting the $75,000 price bottom on April 9, Bitcoin has had a strong spot-driven rally, with several substantial sideways accumulation bounts occuring between each move higher.

Profit taking is occuring as expected, but Bitcoin has fluctuated between $100,703 and $105,787 since May 9.

At the time of writing, BTC had dropped 0.75% over the last 24 hours to $102,901, as the larger crypto market experienced selling pressure early on Saturday, leading to around $300 million in crypto liquidations.

As the market waits to see where Bitcoin will go next, the lead asset must keep support at $90,000 for the $120,000 target to be realized, according to Ali.

Key accumulation zone emerges

A closely followed crypto analytics firm has identified a key zone of accumulation for Bitcoin (BTC) emerging between $93,000 and $95,000.

According to data from Glassnode, this zone closely corresponds to the short-term holder cost basis over the last 30 days.

As a result, this zone is likely to serve as a robust support level in the event of a short-term market downturn, signifying a demand zone where investors might return to observe new opportunities.