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The Bitcoin market was recently subject to a significant price dip as a public feud between US President Donald Trump and the world’s richest man, Elon Musk, on Thursday negatively impacted the US financial markets. During this period, the premier cryptocurrency crashed by an estimated 5% from $106,000 to trade below $101,000.
Interestingly, despite the short-term volatility, several key technical indicators now point to a potentially bullish setup. In fact, this latest pullback appears to complete a series of signals that historically precede major price rallies.
Bitcoin Set For Price Surge, First Target At $130,000
In an X post on June 6, a market expert with X username CrypFlow shares a bullish Bitcoin prediction amidst an ongoing price correction.
Aside from sharp price decline in the past week, the BTC market has witnessed a steady price correction since the premier cryptocurrency achieved a new-all time high of $111,970 on May 22. However, CrypFlow states that this price retracement alongside a host of other technical indicators suggest that Bitcoin is setting to repeat its price rally from Q4 2024.
The first indicator observed by the analyst in the chart above is the golden cross which occurs when the 50-day simple moving average (50SMA) crosses above the 200-day simple moving average (200SMA) in early June 2025. The golden cross is a common bullish indicator that signals a shift in market momentum and was last seen in November 2024.
Furthermore, there is a Bitcoin price breakout above a long-standing purple downward trendline that originated in December 2024. This breakout also mirrors another move seen in early November 2024, when BTC breached the descending resistance that began in March 2024.
The ongoing price correction represents the final indicator as Bitcoin also suffered an estimated 10% price fall in November falling from $74,500 to $68,500 before initially an explosive price rally.
CrypFlow’s analysis suggests that if Bitcoin is repeating its price rally from Q4 2024, the premier cryptocurrency could produce a 62% price gain translating into potential targets around $170,000. However, the analyst has set a more conservative initial price target of $130,000, representing a 25% gain from current market levels.
Bitcoin Price Prediction
At press time, Bitcoin trades at $104,850 after a 2.57% gain in the past day. Meanwhile, the asset’s daily trading volume has dropped by 19.59%.
According to data from prediction site Coincodex, the general BTC market sentiment remains bullish despite a Fear & Greed Index of 45 which indicates Fear. The Coincodex analyst team are backing this market’s positivity with a price projection of $134,074 in five days and $155,864 in three months.
Featured image from Getty Images, chart from Tradingview
Semilore Faleti is a cryptocurrency writer specialized in the field of journalism and content creation. While he started out writing on several subjects, Semilore soon found a knack for cracking down on the complexities and intricacies in the intriguing world of blockchains and cryptocurrency.
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