In a recent turn of events, the Bitcoin market experienced a noticeable price drop due to a public disagreement between US President Donald Trump and Elon Musk, the world’s wealthiest individual. This dispute negatively affected the US financial markets, causing the leading cryptocurrency to plunge by approximately 5% from $106,000 to under $101,000.
However, despite this short-term volatility, multiple crucial technical indicators suggest a potential bullish trend. This recent decline seems to be the final piece in a series of signals that typically precede substantial price surges. With this in mind, Bitcoin’s first price target is predicted to be $130,000.
In a post dated June 6, a market expert known as CrypFlow provided a positive Bitcoin prediction amidst the ongoing price correction. Despite the recent sharp price drop, the BTC market has been undergoing a consistent price correction since the cryptocurrency reached a new all-time high of $111,970 on May 22. According to CrypFlow, this price retracement, along with several other technical indicators, suggests that Bitcoin is primed to replicate its Q4 2024 price rally.
The first indicator highlighted by CrypFlow is the golden cross, which occurred when the 50-day simple moving average (50SMA) crossed above the 200-day simple moving average (200SMA) in early June 2025. This bullish indicator signifies a shift in market momentum and was last observed in November 2024.
In addition to this, a Bitcoin price breakout above a long-standing purple downward trendline that began in December 2024 was noticed. This breakout mirrors a similar move seen in early November 2024 when BTC breached the descending resistance that originated in March 2024.
The ongoing price correction represents the final indicator, as Bitcoin also experienced an estimated 10% price drop in November, falling from $74,500 to $68,500 before initially triggering a substantial price rally.
CrypFlow’s analysis implies that if Bitcoin replicates its Q4 2024 price rally, the cryptocurrency could see a 62% price increase, potentially reaching around $170,000. However, a more modest initial price target of $130,000, marking a 25% gain from the current market levels, has been set by the analyst.
As of press time, Bitcoin is trading at $104,850, following a 2.57% gain over the past day. Meanwhile, the asset’s daily trading volume has decreased by 19.59%. Data from prediction site Coincodex indicates that despite a Fear & Greed Index of 45, signifying Fear, the general BTC market sentiment remains positive. The Coincodex analyst team supports this market optimism, projecting a price of $134,074 in five days and $155,864 in three months.
