After a significant drop to $115,000, Bitcoin (BTC) has made a strong rebound, reaching $118,000, and demonstrating that the market is still led by the bulls. This bullish comeback is being closely monitored by traders who are now focusing on higher price levels.
The sharp recovery of Bitcoin following Friday’s low range sweep suggests an ongoing uptrend, reinforcing the market’s bullish sentiment. Data from Cointelegraph Markets Pro and TradingView reveal a daily gain of over 2% as BTCUSD hit $118,300 on Bitstamp.
With a $3,700 increase from the weekly lows seen on Friday, Bitcoin has caught the attention of traders preparing for a new assault on all-time highs. “Bitcoin’s closure above key bullish levels and the filling of the CME gap at $115K indicates that the bulls are in control,” stated renowned crypto analyst, Ash Crypto.
Ash Crypto also pointed out that the dip to $115,000, which saw massive liquidation of overleveraged positions, was taken advantage of by institutional investors, demonstrating their confidence in the asset.
The most recent data from CoinGlass shows liquidity being taken with the recent move above $118,000, while the next substantial cluster sits at $120,500. If the $120,000 level is breached, it could trigger a liquidation squeeze, pushing prices towards $124,000, a high-liquidity cluster.
Tom Lee, the head of research at Fundstrat, remains optimistic about Bitcoin’s future. He has reiterated his prediction that Bitcoin could reach $250,000 by the end of 2025. He believes that Bitcoin, as “digital gold,” could be worth over $1 million per BTC, and that a valuation of 25% of the gold market would place Bitcoin in the $200,000 to $250,000 range.
Other industry experts, including Bitwise researchers André Dragosch and Ayush Tripathi, and crypto analyst Stockmoney Lizards, have also forecasted that the BTC price could surpass $200,000 by year-end.
Investing in cryptocurrencies involves risk and investors should carefully conduct their own research before making any decisions.
