Crypto Analyst Predicts Bitcoin’s Next Target at $116K if Key Resistance is Broken

• Bitcoin has key resistance at $105K, with potential to hit $116K if the $67,559 mark is breached.
• Consolidation phases between $90K and $105K may lead to Bitcoin’s next big move in either direction.
• A Golden Cross in May 2024 signaled bullish momentum, while a Death Cross in July indicated potential for further declines.

Bitcoin’s price has been wavy recently but crypto expert JavonTM1 is forecasting a surge. He predicts that if Bitcoin crosses the $67,559 mark, its next target will be $116,000. This projection comes as Bitcoin remains range-bound between key resistance and support levels. The next price push could surpass previous trends, with bullish or bearish outcomes likely depending on whether Bitcoin breaks through critical levels.

Resistance and Support Levels in Focus

Bitcoin’s upward momentum since late 2022 has encountered resistance around $105,000–$110,000. This zone has acted as a barrier multiple times, preventing further price increases. On the other hand, strong support has emerged around $52,000, where the price has consistently rebounded. 

A secondary, notable support level appears near $32,000, which has historically cushioned deeper price drops. These support and resistance levels are crucial for understanding future movements, as breaking through them will determine Bitcoin’s next direction.

Uptrend Momentum and Consolidation Phases

Since October 2022, Bitcoin has maintained a steady upward trend, with higher highs and higher lows marking its bullish momentum. However, the market has experienced periods of consolidation, notably between $32,000 and $52,000 from May to August 2023. During this time, the market showed indecision, with no clear price direction. 

Another consolidation period occurred between August 2024 and the present, where Bitcoin fluctuated between $90,000 and $105,000. A breakout from this range could indicate the next phase of price movement, either upward or downward.

Moving Averages and Key Crossovers

Analyzing the price movement between March and September 2024, moving averages play a vital role in tracking Bitcoin’s trends. Notably, the 50-period moving average (MA50) and the 200-period moving average (MA200) provide key insights. The chart highlights a Golden Cross in May 2024, signaling an uptrend. 

However, a Death Cross in July 2024 suggested a reversal, with Bitcoin dropping from $68,200 to $53,000. These crossovers mark pivotal moments in Bitcoin’s price behavior, guiding traders on potential trend reversals.

Bitcoin’s future will depend on its ability to break through resistance or stay supported at key levels, and moving averages will remain critical for tracking these trends.