As Bitcoin (BTC) inches closer to a potential new all-time high, possibly $120,000, an analyst is cautioning that the current bull market may be approaching its final stretch.
According to MasterAnanda, Bitcoin is confronting its final major resistance level before entering full price discovery.
This level could cap the current rally, with a market top likely in late 2025 and a downturn following, he said in a TradingView post on May 18.
MasterAnanda pinpointed the resistance zone between $120,000 and $130,000, levels that align with projections from fellow analyst Tradingshot, who anticipates Bitcoin hitting $130,000 by June 2025, as reported by Finbold.
However, a significant mid-cycle correction in this range could suppress Bitcoin’s upside potential. For the cryptocurrency to reach its full bullish target, potentially between $180,000 and $220,000, the trading expert suggested that any meaningful pullback should ideally occur later, around the $150,000 to $160,000 range.
Based on his outlook, Bitcoin’s bull run could extend through November 2025, giving the market another six months of upward momentum before a bear phase potentially sets in.
“We are still in May month #5 and the minimum we can expect growth is until November month #11 which gives us 6 months. 6 months of straight up is a very long time. With a 2-3 months correction now it isn’t that long,” he said.
Bitcoin’s play above $200,000
Adding to the bullish outlook, pseudonymous crypto analyst Thescalpingpro in an X post on May 18, projected a cycle peak of $207,701.
The target is based on historical trends and technical indicators, particularly the Fibonacci extension levels.
In the previous bull market, Bitcoin peaked at the 3.618 Fibonacci extension. Now, BTC remains below the 1.618 level, with the next major resistance at the 2.618 extension near $154,522.
If this level is breached, the analyst expects the 3.618 level, at $207,701, to act as the final resistance.
Bitcoin price analysis
At the moment, Bitcoin is attempting to reclaim the $105,000 resistance level, which is critical in setting the stage for a new all-time high above the previous record of nearly $110,000. As of press time, BTC was trading at $104,665, up almost 2% over the past 24 hours.
While market sentiment and technical indicators remain bullish, caution is needed, especially with momentum indicators, including the 14-day Relative Strength Index (RSI), nearing the overbought threshold at 67.
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