Is Bitcoin Price Headed to $120,000? Analyst Shares Insights on Buying Opportunities

Crypto analyst Minga forecasts that Bitcoin's price could soar beyond $120,000, potentially reaching a new all-time high (ATH) of $190,000 in the next bullish market phase. He highlights that now may be a favorable time to invest, especially as Bitcoin nears a bottom.

Key Takeaways

Minga predicts Bitcoin could reach between $120,000 and $190,000 in future market cycles.
The price is approaching a macro bottom, making it a prime opportunity for long-term investments.
Analyst advises gradual accumulation rather than making one lump-sum purchase.
Profit-taking strategies are based on Bitcoin's performance at significant levels like $194,742.
Ali Martinez identifies key accumulation zones at $40,000 and $30,000, based on historical price resets.

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Analyst Suggests Now is the Time to Buy Bitcoin

In a recent post on X, analyst Minga indicated that Bitcoin's price is nearing a macro bottom. He believes this represents a critical phase in its market cycle where dips are excellent opportunities for buying and accumulating long-term BTC holdings. Minga speculated that Bitcoin might fall within the range of $58,900 to $54,500 in this cycle, which he describes as a key point of interest for potential spot buying.

Although he senses a possible drop to $37,000 as part of an extreme market scenario, Minga emphasized that the purpose of spot buying is to gradually build investment positions rather than committing all funds at once. He highlighted his perspective that if Bitcoin were to touch $37,000, it could potentially represent a generational bottom—indicating a great time to invest in anticipation of the upcoming bull market.

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Source: Chart from Minga on X

Minga also mentioned his intent to begin taking profits around the $194,742 mark. If Bitcoin reaches this value, it would set a new all-time high, exceeding its previous ATH of $126,000. However, he clarified that his final decision regarding selling would depend on Bitcoin's performance upon hitting that price level.

Key Accumulation Zones for Bitcoin

In parallel, crypto analyst Ali Martinez shared insights on two main accumulation zones based on historic price resets of 40%-50% observed in previous bear markets. These resets typically follow the crossover of the 50 and 200 Simple Moving Averages (SMAs). His first target is set at $40,000, which reflects a standard 30% drop from current levels.

The second target is a more aggressive $30,000, indicating a 50% decline from Bitcoin's current price. Martinez explained that such price actions have historically characterized the final downturn before establishing a long-term macro bottom.

According to his findings, Bitcoin has already experienced a 52% correction and is currently 30 days into a crossover of its 3-day SMA. Therefore, he predicted that if historical patterns hold true, Bitcoin is likely entering its final accumulation window within the next three to six days.

As it stands, Bitcoin’s price sits at approximately $66,400, down more than 2% over the past 24 hours, based on data from CoinMarketCap.

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BTC trading at $66,411 on the 1-day chart | Source: BTCUSDT on Tradingview.com