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Bitcoins recent price action suggests a cooling phase after its failed attempt to secure a close above the $123,000$124,000 all-time high zone. While short-term retracement appears likely, the broader market structure remains bullish. This correction could serve as a healthy reset before Bitcoin gathers momentum for its next major wave, with $150,000 standing as the next target.
ZYN, a prominent crypto analyst, recently posted an update on X highlighting a key observation from Bitcoins cost basis heatmap. The analyst noted that theres limited support between the $121,000 and $120,000 levels, creating a fragile zone that Bitcoin could easily slip through if selling pressure intensifies.
Below that, ZYN pointed out a major area of interest around $117,000, where approximately 190,000 BTC had been previously purchased. This accumulation zone reflects a strong base of recent buyers and could serve as a critical level where market participants step in to absorb any downside pressure.
If Bitcoin does pull back toward $117,000, the analyst believes it could set the stage for renewed accumulation rather than a deeper correction. Historically, retracements into strong support levels like this have provided fuel for the next leg higher as both existing and new investors take advantage of lower entry points. Summing up, ZYN emphasized that while Bitcoin lacks meaningful cushioning around $121,000, a solid foundation appears to be forming at $117,000.
In a recent market update , Crypto Candy observed that BTC once again struggled to maintain momentum above its ATH resistance zone between $123,000 and $124,000. The level has proven to be a tough barrier, with price attempts above it quickly met by selling pressure . As a result, BTC failed to close and sustain above this critical area, leading to a retracement that aligns with earlier expectations outlined in their analysis.
Presently, this short-term correction is viewed as part of a natural and healthy market cycle, not a signal of weakness. The analyst noted that if the current momentum persists, Bitcoin could dip toward the $116,000$118,000 region before finding strong support. This range is viewed as a potential accumulation zone where buying interest could re-emerge, setting the stage for renewed bullish momentum.
Despite the pullback, the broader outlook remains optimistic. Crypto Candy reaffirmed a psychological long-term target of $150,000 for Bitcoin, suggesting that the current price action is merely a temporary pause before the next leg higher.