Bitcoin Price Prediction: Analysts Say Bitcoin Could Hit $120K This May as BTC Bull Token Presale Targets $6M
Bitcoin (BTC) has outperformed most leading altcoins over the past month, and while it currently struggles to breach the resistance at $95,000, analysts are confident it wont be long before it reaches $120,000.
BTCs exceptional performance is also fueling hype around BTC Bull Token (BTCBULL), a project still in its presale that aims to provide its supporters with unique rewards as Bitcoin grows in value.
Institutional Investment Helped BTC Surge Ahead of Traditional Assets Can its Growth Continue?
Bitcoin was at its all-time high (ATH) on January 20th, when it reached $109,114 following a series of positive developments surrounding the leading cryptocurrency and the broader crypto market. However, just a month later, it dipped to the $95,000 range, with a further decline bringing it below $75,000 in early April.
The final week of April saw Bitcoin reclaim its late February levels, which are now acting as resistance, jumping above the $95,000 mark several times but retracing to $94,000 right after.
BTCs growth of $20,000 between April 7th and 29th helped it outperform gold, oil, and stock markets this month, positioning it as a preferred hedge and growth asset in the current volatile macroeconomic climate.
The renewed optimism is best reflected by the massive institutional investment BTC enjoys, with BlackRocks iShares Bitcoin Trust ETF (IBIT) attracting nearly $1 billion in investments, marking its second-largest daily inflow. Previously, BlackRocks swift accumulation of Bitcoin preceded the November 2024 rally, in which BTC pumped from $67,000 to $97,000 during the month.
Besides BlackRock, Michael Saylors Strategy purchased $1.42 billion worth of BTC this week, which is another historically bullish signal according to crypto expert BitBull.
As large-scale buyers increase their exposure, Bitcoin has seen its price cross over the 50-day and 200-day Simple Moving Averages (SMA), which is often a sign of strengthening upward momentum.
However, the sudden jump in BTCs value positioned it just below overbought territory, as its Relative Strength Index (RSI) now stands at 68.1. Reflecting this heightened enthusiasm, the CMC Crypto Fear & Greed Index has climbed to 53, bringing it close to greed territory for the first time since January.
Thats why technical analyst Mando CT believes a healthy correction is to be expected, anticipating a drop to the $92,000 range before the next upward move.
The analyst expects Bitcoin to find strong support after the dip and skyrocket to the $120,000 mark over the next few weeks, advising his audience to monitor BTCs price over the next few days.
BTC Bull Token Enjoys Heightened Interest Amid the BTC Explosion
Launched in February, BTC Bull Token already boasts $5.1 million raised as investors rush to secure their share of the token ahead of its launch.
Thanks to its unique approach to the market, BTCBULL is an asset thats designed to be held. Holders stand to earn additional BTCBULL and even Bitcoin via airdrops triggered by Bitcoins growth.
Once Bitcoin crosses $150,000 and $200,000, those holding BTCBULL via Best Wallet will be rewarded with BTC, while 10% of the total BTCBULL supply will be split among all holders once Bitcoin reaches $250,000.
Besides the airdrops, BTCBULLs developers introduced a deflationary model that will see a total of 15% of the BTCBULL supply removed from circulation via token burns as Bitcoin grows.
Jacob Crypto Bury, a presale analyst, believes that Bitcoins explosive potential is creating excellent market conditions for BTCBULL, expecting the token to skyrocket by 10x right after its launch.
The analyst reminds his audience that the BTCBULL presale follows a dynamic pricing model, meaning its per-token price will only increase as time passes.
Thats why he believes BTCBULLs current price of $0.002485 represents an excellent entry point and encourages his viewers to enter the presale while the token sells at a discount.
Text source: TronWeekly
