The Bitcoin market is buzzing as its price neared $113,000, sparking intense debate among commentators about its future trajectory. At the center of this discussion is a prediction from popular trader BitBull, who sees a potential rally toward the $116,000-$117,000 range.
This optimism stems from a significant technical development: Bitcoin has reclaimed its 100-day exponential moving average (EMA-100), a level sitting at $110,850. In a post on the social media platform X, BitBull called this level "very crucial for bottom formation," adding that "for now bulls are still in control." Holding above this mark is seen as a prerequisite for hitting the $117,000 target.
However, the market remains divided. Fellow trader Roman maintains a more cautious stance, emphasizing the importance of the $112,000 mark. He warns that if the $112K support is lost, the next support level is at $102K, also noting the risk of a "double top" pattern forming. Indeed, the price zone between $112,000 and $117,000 is recognized as a critical inflection point where key technical levels converge.
The recent recovery saw BTC's price hit local highs of $112,646 on Bitstamp, marking a rise of over $3,000 from multi-week lows. Technical analysis suggests a decisive breakout above the $117K resistance could reignite momentum toward the $122K–$124.5K range. On the other hand, a break below $112,000 could test lower support levels.
Analysts like Rekt Capital have pointed out similarities between the current BTC price pullback and previous bull markets, suggesting this phase could be shorter and shallower. Meanwhile, other analysts, such as CrediBULL Crypto, view the $107K–$110K area as the most pivotal zone for a potential full reversal. As September approaches, investors remain alert, closely watching the technical analysis and macroeconomic events that could determine Bitcoin's direction.