Bitcoin Analysts Predict Possible Breakout to $120,000 After Recent Volatility

Bitcoin (BTC) is currently trading near $104,224, showing a 2.6% increase but facing a one-month low around the $100,000 support level. Analysts suggest that BTC may be preparing for a significant price breakout.

Key Points

Recent volatility influenced by the online feud between Donald Trump and Elon Musk led to a drop from $105,000 to the $100,000 support.
BTC attempted to reclaim the mid-range area after falling below the key $106,800 support last week.
The cryptocurrency surged 4.5% after the recent drop, now hovering above $104,000.
Analyst Coinvo noted similar price actions in BTC’s one-year chart, indicating potential for future gains.
Alex Clay highlighted a "real breakout" could aim for the $120,000 level following retests of resistance zones.
Bitcoin displays a bullish falling wedge formation with a lower boundary at $101,000; a reclaim of $105,000 could target $118,000-$120,000.
Daan Crypto Trades indicated BTC is at its mid-range and warned of further declines if prices fall below recent lows.
If BTC surpasses monthly highs around $106,700, it may lead to new all-time highs.

Current trading status: Bitcoin at $104,224.