$95,000 or $120,000? Where will the next BTC price peak be?

Author: Zoltan Vardai, CoinTelegraph; Compiler: Deng Tong, Golden Finance

Traders and market analysts are divided on the next potential macro top for Bitcoin, which could reach $120,000 according to more optimistic forecasts. Can Bitcoin break the $71,500 mark on a weekly close?

Can Bitcoin price break through $120,000 at its highest?

According to technical analysis by cryptocurrency trader Mikybull, the price of BTC may be about to enter the next upswing of the bull cycle, and the price of the world's first cryptocurrency may break through the $120,000 mark.

The popular trader wrote in a July 31 post to his 71,000 followers:

“Bitcoin is getting ready for the next wave up to $120,000+. Fasten your seatbelts.”

BTC/USD, 3-day chart. Source: Mikybull

However, more conservative estimates suggest that the sub-$100,000 mark could be a macro top. For example, based on technical chart patterns, cryptocurrency analyst Mags expects Bitcoin’s next major milestone to be above the $95,000 mark.

The analyst wrote in a July 31 X post:

“BTC is still trading in a descending expanding wedge pattern. The price is consolidating near the overhead resistance line and a breakout could result in a sharp rise. The technical target of the pattern is $95,700.”

BTC/USD, descending expanding wedge pattern. Source: Mags

New Bitcoin investors increased by 3% from the $57,000 level, fueling bullish sentiment.

However, according to cryptocurrency researcher and verified CryptoQuant author Axel Adler, as we reach the top of the Bitcoin cycle, new investors could increase by 50%, writing in a July 31 X post:

“From the $57,000 level, the market added 3% of new investors - a considerable number considering that the indicator grew by 4% after the FTX crash. As prices rise, the main influx of new investors will resume, and at the top of the cycle it should exceed 50%.”

BTC: New investors, realized market cap, 1 month. Source: Axel Adler

Bitcoin needs weekly close above $71,500

According to prominent analyst Rekt Capital, Bitcoin needs a weekly close above the $71,500 mark to confirm the next leg up in the bull cycle.

In a July 29 post by X, the analyst wrote that Bitcoin could remain sideways for the next few weeks:

“A weekly candle close above approximately $71,500 could initiate a breakout from the re-accumulation range. However, history suggests that Bitcoin should consolidate within this re-accumulation range for a few weeks.”

BTC/USD, 1-week chart. Source: Rekt Capital

The analyst added that an extended period of Bitcoin consolidation would help sync Bitcoin with previous historical halving cycles, meaning it would peak later in the cycle.

However, Bitcoin faces significant resistance at the $67,000 and $67,500 levels. Assuming Bitcoin breaks through $67,000, more than $940 million worth of accumulated leveraged short positions would be liquidated, according to CoinGlass.

Bitcoin exchange liquidation chart. Source: CoinGlass

If the Bitcoin price breaks through $67,500, the total short liquidation will exceed $1.4 billion.