Traders and market analysts are divided over Bitcoin’s next potential macro top, which could reach $120,000 according to more bullish estimates. Can Bitcoin get a weekly close above the $71,500 mark?
Can Bitcoin’s price top surpass $120k?
Bitcoin’s price could be on track to the next leg up in the bull cycle, which could see the world’s first cryptocurrency hit the $120,000 mark, according to technical analysis by crypto trader Mikybull.
The popular trader wrote in a July 31 X post to his 71,000 followers:
“Bitcoin is getting ready for the next wave of rally which will bring it to $120k+ level. Buckle up your seatbelt.”
BTC/USD, 3-day chart. Source: Mikybull
However, more conservative estimates are eyeing below the $100,000 mark as a potential macro top. For instance, crypto analyst Mags expects Bitcoin’s next major milestone to be above the $95,000 mark, based on technical chart patterns
The analyst wrote in a July 31 X post:
“BTC is still trading within a descending broadening wedge pattern. The price is consolidating near the upper resistance line, a breakout could lead to a massive upside rally. The technical target for this pattern is $95,700.”
BTC/USD, descending broadening wedge pattern. Source: Mags
Contributing to the bullish sentiment, new Bitcoin investors increased by 3% from the $57,000 level.
Yet, new investors could increase by 50% as we reach the peak of the Bitcoin cycle, according to crypto researcher and verified CryptoQuant author Axel Adler, who wrote in a July 31 X post:
“From the $57K level, the market gained 3% new investors – that’s a lot, considering that after the FTX crash, the metric increased by 4%. The main influx of newcomers will resume with the price rise, and at the peak of the cycle, it should exceed 50%.”
BTC: new investors, realized cap, 1-month. Source: Axel Adler
Bitcoin needs a weekly close above $71,500
According to popular 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 X post, the analyst wrote that Bitcoin could remain in consolidation for the next couple of weeks:
“A Weekly Candle Close above ~$71500 would probably kickstart the breakout from the Re-Accumulation Range. However, history suggests Bitcoin should consolidate inside this Re-Accumulation Range for several weeks more.”
BTC/USD, 1-week chart. Source: Rekt Capital
An extended Bitcoin consolidation would help synchronize Bitcoin with previous historic halving cycles, which means that it would peak later in the cycle, the analyst added.
However, Bitcoin faces significant resistance at the $67,000 and $67,500 mark. A hypothetical move above $67,000 would liquidate over $940 million worth of cumulative leveraged short positions, according to CoinGlass data.
Bitcoin exchange liquidation map. Source: CoinGlass
Total short liquidations would surpass $1.4 billion if the Bitcoin price breaks $67,500.
