Bitcoin recently hit a stunning new all-time high, soaring close to $112,000.
But as often happens in volatile markets, it quickly pulled back, slipping over 7% from that peak.
This dip has sparked some nervousness among traders, but leading crypto analyst KillaXBT remains optimistic.
According to KillaXBT, Bitcoin’s recent correction is just part of a healthy market cycle—and the cryptocurrency is gearing up to bounce back strong and continue its upward climb.
Analyst Recommends Buying Bitcoin Around $104,000
On May 30, KillaXBT took to X (formerly Twitter) to share his latest thoughts.
He encouraged traders to consider opening long positions when Bitcoin hits around $104,000.
This isn’t the first time he’s made such calls—he previously predicted similar buy zones when Bitcoin traded near $76,000 and $94,000, and those bets paid off well.
He’s now targeting a bullish price goal of $120,000, possibly by mid-June.
KillaXBT explained that the recent price drop was expected and actually fits well with the overall bullish trend.
So instead of panicking, investors should stay confident and avoid turning bearish.
What’s Behind the Current Bitcoin Rally?
KillaXBT described the current Bitcoin rally as a “sideline rally,” meaning that while liquidity in the market is increasing—thanks to factors like rising M2 money supply—many investors and traders remain on the sidelines.
Indicators such as a negative premium index and low funding rates show limited active participation.
This pattern suggests the buying pressure might be coming from big players like institutional investors or whales who are holding strong for the long haul.
Their conviction could be the foundation for a more sustainable rally ahead.
Looking at the charts, KillaXBT noted a “monthly open trap” just below $104,000.
This price area is where he advises opening long positions, aiming for the $120,000 target.
However, he also warned that if Bitcoin closes decisively below $97,000, this bullish setup would be invalidated.
In that case, he recommends a recovery trade: open long positions just under $97,000, with hopes of a rebound to around $109,000 to regain momentum.
Current Market Snapshot and Future Predictions
At the time of writing, Bitcoin is trading around $104,500, showing a slight daily gain of 0.7%. Interestingly, trading volume has dropped over 34%, signaling a slowdown in market activity and transactions.
Despite the dip and reduced volume, sentiment among investors remains upbeat.
Popular price prediction platform CoinCodex projects Bitcoin could climb to $132,409 within the next five days, a potential gain of about 26% from current levels.
Editorial Commitment to Reliable and Accurate Crypto Coverage
The team behind bitcoinist takes pride in delivering trustworthy, thoroughly researched content.
Their editorial process involves strict sourcing and careful review by expert editors and industry professionals to ensure readers get accurate, unbiased insights.
This commitment helps keep readers well-informed and confident in navigating the fast-moving world of cryptocurrency.