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.