Consistent Increase Indicates Rise to $115K

Bitcoin has entered a phase of relative stability following a turbulent period earlier this year. The leading cryptocurrency experienced a significant decline from a peak of $109,000 in January, dropping to as low as $74,600 by mid-April, which represents a loss exceeding $34,000 over a brief timeframe.

However, since that low point, Bitcoin has shown resilience, climbing back over 30% and recently hitting $105,700. It has been trading quietly within the range of $101,000 to $104,000 over the past week.

Incremental Growth Patterns

Some analysts are beginning to recognize a trend. According to Trader Tardigrade, Bitcoin appears to be increasing in increments of $10,000, taking small breaks in between. He noted movements from $75,000 to $85,000, then to $95,000, and again to $105,000, with each rise followed by a period of sideways trading lasting between seven to ten days.

This incremental pattern isn’t merely coincidence; it provides traders with opportunities to pause, realize profits, or establish new positions. These pauses can evolve into support levels where buyers re-engage. If this behavior persists, the next target could be around $115,000, representing an approximate 11% increase from current levels.

Maintaining Above $100K Boosts Confidence

Trading above $100,000 is a significant achievement. Sustaining this level adds strength and psychological support for Bitcoin. The more time it spends above this threshold, the more buyers might feel encouraged to enter the market. Although last week’s gain was modest at about 0.50%, it came after a robust 11% increase earlier in May.

Market observers suggest that this slow, steady progression is a promising indicator. Instead of experiencing chaotic fluctuations, Bitcoin is displaying more controlled movements, establishing a solid foundation that could set the stage for more significant developments in the future.

Long-term, some analysts are eyeing much greater heights. CryptoCon, who tracks long-term cycle trends, indicated that Bitcoin may be undergoing a period of buildup.

He mentioned the Golden Ratio Multiplier, a model reliant on Fibonacci levels and historical averages. In his view, a pivotal cycle level was reached in March 2024, yet it wasn’t the ultimate peak.

Additional Insights

His prediction places the next ceiling at approximately $160,000, which he labels as “Level 5” in this cycle. Achieving this would be a substantial rise from today’s price—over 50% higher.

He draws parallels between the current market and the period from 2015 to 2017, when a long duration of gradual growth led to a rapid surge.