BTC price to $116K next? Bitcoin trader sees 'early week' all-time high
Key points:Bitcoin is convincing traders that an upside breakout is around the corner, with all-time highs in sight.One target demands $116,000 next week, moving BTC/USD firmly out of its narrow range.A quick dip before continuing higher is among the options for BTC price action into the new week.Bitcoin (BTC) reduced volatility to a minimum into the May 18 weekly close as traders bet on a fresh breakout.BTC/USD 4-hour chart. Source: Cointelegraph/TradingViewBTC price brews classic breakout signalData from Cointelegraph Markets Pro and TradingView showed the area around $103,000 acting as a BTC price magnet throughout the weekend.Now barely fluctuating up or down, BTC/USD was primed for a liquidity grab, with $105,000 and $103,000 both targets, data from monitoring resource CoinGlass confirmed.BTC liquidation heatmap. Source: CoinGlassCommenting on the current market structure, traders remained broadly bullish, anticipating a rematch with all-time highs and the return of price discovery.“Next early week Bitcoin target: $116,000,” popular trader Alan summarized in his latest short-term prediction on X.An accompanying chart underscored the lack of volatility characterizing BTC/USD over the past week.“$BTC is brewing within this converging triangle with decreasing volume, which is a common indicator of potential for a Breakout,” Alan added.BTC/USD 4-hour chart. Source: Trader Tardigrade/XFellow trader Mikybull Crypto described the market structure as an “intraday diamond pattern breakout.”$BTC INTRADAY DIAMOND PATTERN BREAKOUT pic.twitter.com/gMGMub7nTt— Mikybull
Key points:
Bitcoin is convincing traders that an upside breakout is around the corner, with all-time highs in sight.
One target demands $116,000 next week, moving BTC/USD firmly out of its narrow range.
A quick dip before continuing higher is among the options for BTC price action into the new week.
Bitcoin (BTC) reduced volatility to a minimum into the May 18 weekly close as traders bet on a fresh breakout.
BTC price brews classic breakout signal
Data from Cointelegraph Markets Pro and TradingView showed the area around $103,000 acting as a BTC price magnet throughout the weekend.
Now barely fluctuating up or down, BTC/USD was primed for a liquidity grab, with $105,000 and $103,000 both targets, data from monitoring resource CoinGlass confirmed.
Commenting on the current market structure, traders remained broadly bullish, anticipating a rematch with all-time highs and the return of price discovery.
“Next early week Bitcoin target: $116,000,” popular trader Alan summarized in his latest short-term prediction on X.
An accompanying chart underscored the lack of volatility characterizing BTC/USD over the past week.
“$BTC is brewing within this converging triangle with decreasing volume, which is a common indicator of potential for a Breakout,” Alan added.
Fellow trader Mikybull Crypto described the market structure as an “intraday diamond pattern breakout.”
$BTC INTRADAY DIAMOND PATTERN BREAKOUT pic.twitter.com/gMGMub7nTt— Mikybull
