In the last week, Bitcoin showed a range-bound movement, with prices oscillating between $105,000 and $101,000 to produce a slight gain of 0.60%. Notably, the flagship cryptocurrency has seen a market cool-off in the past two weeks following a 10.7% price leap in early May. Interesting, a crypto analyst with X handle TATrader_Alan, popularly known as Trader Alan, has highlighted a bullish pattern that points to a price target around $115,000. Related Reading: Bitcoin Strengthens Vs. Gold, Analyst Sees ‘Higher Than Expected’ Returns Bitcoin Climbs With Precision: $115,000 May Be The Next Stop Amidst an extended crypto market correction in 2025, Bitcoin prices crashed from $109,000 in January to less than $75,000 in mid-April. Since hitting the local bottom at $74,600, the premier cryptocurrency has recorded an impressive market rebound, rising by over 39.1% in the past month to hit a local peak of $105,800. In an X post on May 16, Trader Alan provided an interesting technical insight into this uptrend, highlighting that Bitcoin has repeatedly produced the same leap in dollar value, separated by a period of consolidation. The trading chart from the analyst explains that when Bitcoin surges approximately $10,000, it enters a 7-10 period of sideways consolidation before resuming its ascent. This bullish behaviour has been repeatedly seen with Bitcoin’s leap from $75,000 to $85,000, then to $95,000, and $105,000. Going by this pattern, the crypto market leader is tipped to hit the $115,000 target following a potential breakout from its current price consolidation. If this projection realizes, Bitcoin would achieve a 10.57% gain from current prices, breaking into a new price discovery. This kind of price movement is characteristic of a strong uptrend marked by healthy pauses. The consolidations typically allow the market to cool off after sharp runs, allowing traders to accumulate in preparation for the next leg higher. Importantly, these consolidation zones often act as new support levels, strengthening the bull market structure. Related Reading: Dogecoin Hovers at $0.22 Following Weeks of Gains, Analysts Share Mixed Outlooks Bitcoin Whales Keep Stacking In other developments, top OKC Partner and Binance KOL Ted Pillows reports that the Bitcoin whales are maintaining an impressive accumulation streak. On May 15, the largest Bitcoin holders acquired an additional 2,180 BTC valued at $226,750,000, signaling a strong market confidence. Generally, large accumulations by Bitcoin whales are a typical bullish signal, especially amidst the current uptrend, signalling a strong potential for future price appreciation in line with Trader Alan’s prediction. At press time, Bitcoin continues to trade at $103,281 following a 0.90% decline in the last day. In tandem, the asset’s trading volume is down by 15.76%, suggesting a decline in market interest. Featured image from iStock, chart from Tradingview
