Bitcoin remains below the $100,000 mark after a retracement from a cycle peak near $126,000, but bullish sentiment persists. A new TradingView analysis by the user Setupsfx outlines a path that could take BTC back to six figures and potentially toward $200,000 over the long term, citing strong demand signals and key resistance zones.
Market Context
Following its first move into six figures in 2024 and a subsequent high around $126,000, Bitcoin has cooled off yet continues to attract optimistic forecasts. Despite the pullback, the analyst argues that recent price action shows renewed strength, including a reclaim of the $70,000 area, which could underpin another leg higher if buying interest holds.
Volume-Backed Breakout Signals Demand
According to the TradingView post, a notable difference in the latest upmove was a break above $72,000 accompanied by strong bullish volume. The analyst interprets this as evidence of elevated demand relative to prior attempts, increasing the probability that the trend can continue rather than falter quickly. Sustained volume, the analysis suggests, would support continuation toward higher resistance levels.
Key Levels and Targets
- $104,000: Identified as the first major target and a potential stalling point due to a “liquidity void” — an area with historically thin trading activity that can act as resistance as price revisits it.
- $124,000: A subsequent target that would bring BTC just below its prior cycle peak, making it a critical zone for momentum and market psychology.
- $134,000: Marked as a level that could complete the current uptrend structure in the analyst’s framework.
Beyond these milestones, the analysis maintains that a move to $200,000 remains plausible in a longer-term scenario, contingent on sustained demand and successful breaks of the highlighted resistance zones.
Outlook
The roadmap presented by Setupsfx hinges on continued buying volume and the market’s ability to overcome well-defined resistance areas, particularly around $104,000. While the targets reflect one technical perspective rather than a guarantee, they underscore the broader view among some market participants that Bitcoin could revisit six figures and attempt new highs as the cycle progresses.
Source: TradingView (analysis by Setupsfx)