Bitcoin’s Make-or-Break Moment: Why $102K Is the Only Price That Matters Now
Bitcoin bulls are sweating bullets as the king crypto stares down its most critical resistance level since the 2021 bull run. Breaking $102,000 isn’t just psychological—it’s the linchpin for the next leg up.
Here’s the brutal truth: Until BTC punches through that ceiling, traders are just playing with Monopoly money. The charts don’t lie—this is the level where every previous rally either went supernova or faceplanted.
Meanwhile, Wall Street ’experts’ still can’t decide if crypto is dead or the second coming of sliced bread. Maybe check the blockchain, guys—it’s all on-chain.
Bitcoin Risk Falls To $50,000-$60,000 If Price Reclaim Fails
In an X post on May 3, a digital market expert with the X handle BALO has highlighted a necessary price condition needed for Bitcoin to retain its bullish market structure in the short term. Using the Elliott Wave Theory and Fibonacci extension/retracement levels, BALO highlights on the weekly BTC/USDT chart that Bitcoin has peaked around $97,000, which aligns with the top of wave 5.
The Elliott Wave Theory operates on the premise that price movement occurs in a recognizable repeating pattern. Generally, it consists of two phases – impulse phase (wave 1-5), which represents the current market trend, followed by the pullback phase, i.e., corrective phase (wave ABC).
After completing wave 5 of the impulse phase, prices generally slip into the pullback phase. Therefore, BALO’s analysis shows that Bitcoin is likely to enter a price correction following its most recent price rally.
However, this bearish prediction can be invalidated if Bitcoin reclaims its next price resistance at $102,000, thereby confirming a long-term bullish intent. If a price rejection occurs at $102,000, Wave A is expected to commence pushing BTC prices to around $70,000.
Thereafter, there will be a slight relief bounce to around $102,000, marking wave B before the last corrective wave (C) sets in, pulling Bitcoin prices as low as $50,000-$60,000. Interestingly, BALO predicts Bitcoin to re-enter a bullish market following this correction, with the potential to trade as high as $122,000.
BTC Price Prediction
At the time of writing, Bitcoin trades at $96,106, reflecting a price decline of 1.31% in the past day. Meanwhile, the asset’s daily trading volume is down by 38.19%, indicating a significant decline in market interest despite recent gains. According to data from Coincodex, the general sentiment in the Bitcoin market is bullish, with investors exhibiting a strong level of greed.
Amidst market conditions, Coincodex analysts predict Bitcoin to maintain its uptrend in the short term to hit a price of $119,528 in five days. However, they also expect a price correction followed by a larger price breakout as indicated by price targets of $111,747 in a month and $ 136,026 in three months.
