Bitcoin (BTC) must stay above $95,000 to have a chance at retesting its $109,000 all-time high

Several crypto analysts have stated that Bitcoin (BTC) must maintain above the $95,000 level to have a chance of climbing back and retesting its all-time high of $109,000. Otherwise, it could be seen an even deeper correction.

It comes after several analysts told Cointelegraph earlier this year that June could be the month that Bitcoin (BTC) reaches new all-time highs.

According to Bitfinex analysts, the $95,000 level — currently seen in consolidation — is a critical pivot point, acting as the lower boundary of a three-month range that defined market structure between November 2024 and February 2025.

Bitcoin holding above $95K would signal ‘structural shift’

Should Bitcoin manage to sustain above the $95,000, it would signal a “structural shift” back into bullish territory, with a potential upward trend toward retesting its all-time highs, Bitfinex said in a May 6 markets report.

Bitcoin is approaching the timeframe many analysts predicted earlier this year for new highs. On March 28, Real Vision chief crypto analyst Jamie Coutts projected a best-case target of $123,000 by June. Around the same time, Swan Bitcoin CEO Cory Klippsten said that Bitcoin has a "50% chance" of reaching new all-time highs before the end of June.

Bitcoin reached its all-time high of $109,000 on Jan. 20, just hours before US President Donald Trump’s inauguration.

At the time of press, Bitcoin is trading at $96,730.

However, if Bitcoin fails to hold above the $95,000, it could be seen further downfall. According to Bitfinex analysts, the next several days will determine whether Bitcoin will be heading “into a sustained breakout or resolves into a retest of lower support zones.”

But if Bitcoin continues the rally, it may catch many traders offside. Crypto analyst Thomas Fahrer said in a May 7 X post that $400 million of Bitcoin short positions are at risk of liquidation at the $98,000 price level. “Send it,” Fahrer said.

The upcoming Federal Reserve interest rate decision on May 7 could also have an impact on Bitcoin’s price.

The announcement often sees crypto market volatility both before and after the results are published. However, the latest data from CME Group’s FedWatch Tool indicates that the futures market sees minimal odds of a rate cut.

Since 2013, Bitcoin’s average performance in June has been slightly negative at -0.35%.

Meanwhile, overall market sentiment is becoming more positive as Bitcoin’s price approaches the psychological $100,000 price level.

The Crypto Fear & Greed Index, which measures overall market sentiment, has spiked again over the past 24 hours, further into “Greed” territory, with the index increasing by 8 points to a score of 67.