Near-Term Price Prediction for Bitcoin Sits at $118,000, Here’s What a Market Analyst Expects

Bitcoin’s rally to $100,000 has prompted a handful of Bitcoin proponents to share their bullish price predictions. In January and February, the big bull briefly hit $100,000 before retesting previous support levels. 

The largest cryptocurrency by market cap has successfully sustained momentum above the $100,000 price level since it hit $103,969 on May 8. According to data from CoinMarketCap, Bitcoin has remained above $100,000 for 13 days. 

Thus far, key players have provided mildly and significantly bullish price forecasts. Very recently, Analyst Willy Woo took to X to highlight his expectations for Bitcoin in the near term. 

Woo asserts that Bitcoin’s hitting a new all-time high is crucial for the asset to cross the $110,000 price mark and settle closer to the $120,000 price level. 

“Once BTC properly breaks all-time highs, the move to 118k will be very fast.” He wrote.

The analyst supported his prediction in a follow-up post, explaining that Bitcoin experienced a structural flip in the latter part of April. As a result, capital inflows made a massive entrance into the Bitcoin market.

“BTC is setting up for another break of all-time highs if the capital flow trend continues. It’s a solid long-term setup.” Woo asserted.

It bears mentioning that Bitcoin has attained a new all-time high after bulls successfully pushed the asset to $109,767 today, before it retreated to $108,878. The bulls appear to have the upper hand as buying pressure has notably surged over the past few days. Bitcoin most notably secured more than 24% and 5% in gains over the last 30 days and 7 days, respectively. 

With the new development in play, market participants are more bullish than ever for the near term. It remains to be seen how the bulls perform in the coming days.