Bitcoin Eyes $120K as Market Watches Key $90K Support Zone

Bitcoin continues to dominate the crypto spotlight, trading above the six-figure mark as investors eye a potential breakout past its all-time high of $109,114 set in January 2025. Blockstream CEO Adam Back recently commented that Bitcoin's current price seems “strangely low” and suggested it could surge to $500,000 or even $1 million during this four-year cycle.

Crypto analyst Ali predicts a potential market top of $120,000—about a 16% increase from current levels—if Bitcoin can maintain support above the crucial $90,000 threshold. In a post on X, Ali emphasized the importance of this support zone, calling it a make-or-break level for further upside. On-chain data from Glassnode supports this view, identifying an accumulation zone between $93,000 and $95,000 that aligns with the 30-day cost basis of short-term holders. This indicates strong investor interest and suggests the zone could act as a cushion during market pullbacks.

Bitcoin recently hit a local high of $105,787 on May 12, driven by strong spot buying and accumulation phases since bottoming at $75,000 in early April. However, it has since pulled back slightly, trading around $102,901 at press time, down 0.75% over the last 24 hours amid $300 million in crypto liquidations across the market.

As the crypto community speculates about Bitcoin’s next move, holding the $90,000 support level remains key. If bulls defend this zone, the next leg up could push BTC to new highs, potentially reaching or exceeding the $120,000 mark in the near term. With rising interest and strong fundamentals, Bitcoin's upward momentum may still be far from over.