Bitcoin (BTC) surged to a fresh all-time high of $111,814 on May 22, but the recent pullback has traders divided on what’s next for the king of crypto. After gaining over $15,000 in a month, Bitcoin has dropped nearly $9,000 in the past week, settling near $103,000. This sudden cooling off has sparked debate: Is this a healthy pause or the beginning of a deeper correction?
Technical Warning Signs Emerge
Volatility has returned in full force, with BTC swinging between $103,300 and $105,000 in the last 24 hours, signaling rising uncertainty. While Bitcoin remains up 9.1% over the past 30 days and 52.1% year-to-date, its momentum appears to be slowing.
Analyst Axel Adler Jr. highlights four consecutive sell signals on CryptoQuant’s Net UTXO Supply ratio—a classic indicator of an overheated market where profit-taking intensifies, and demand lags supply. This pattern often precedes short-term price tops.
Two scenarios seem likely: Bitcoin could enter a sideways range between $95,000 and $105,000 for an extended period, or it could experience a deeper pullback toward $92,000 to ease overbought conditions.
Bullish Bets Persist Despite Uncertainty
On the other hand, optimism remains among some traders. BetIdeas reports an 80% chance of Bitcoin reaching $120,000 in 2025, with a 40% probability of hitting $150,000. Some traders even see a 22% chance of BTC soaring to $200,000 before year-end.
Popular analyst Daan Crypto Trades points to the $97,000–$99,000 zone as a critical support level for a potential rebound, based on Fibonacci retracement and the 200-day moving average. Meanwhile, Michaël van de Poppe characterizes the current market behavior as “healthy consolidation and correction,” emphasizing its normalcy.
