Bitcoin (BTC) appears to be gearing up for another price discovery phase. The leading digital asset by market capitalization has gained an impressive 17.4% over the past month, setting a new all-time high (ATH) of $111,980 on May 22.
Bitcoin Ready To Enter Price Discovery Mode?
According to a recent X post by crypto analyst Titan of Crypto, BTC may soon enter price discovery mode once again. The analyst shared the following daily chart indicating that Bitcoin is targeting the blue line of the Golden Ratio Multiplier, with a potential price target of $130,000.
For the uninitiated, the Golden Ratio Multiplier is a Bitcoin price model that applies Fibonacci multiples – such as 1.6, 2, 3, 5 – to the 350-day moving average to identify potential resistance and support levels during market cycles. The indicator helps visualize when Bitcoin is overbought or undervalued relative to its long-term trend.
On a broader time frame, BTC also seems to be following a Fibonacci Extension pattern, with the next major resistance projected at $135,000. Interestingly, Bitcoin followed a similar pattern in November 2025, which was followed by the creation of multiple new ATHs.
In a separate X post, fellow crypto analyst Jelle noted an interesting observation. Despite BTC trading near its ATH, funding rates on major crypto exchanges – such as Binance, OKX, and Bybit – remain in negative territory.
Negative funding rates imply that a majority of traders are betting against BTC, expecting a short-term pullback. However, if the price continues its bullish trajectory, it could trigger a wave of short liquidations, potentially propelling Bitcoin to even higher levels.
Analyst Ted Pillows has also weighed in, predicting that BTC may reach $130,000 as early as July 2025. His projection aligns with the ongoing bullish sentiment supported by technical indicators and institutional interest.
Some Signs Of Caution
While the bullish momentum continues, some analysts urge caution. Veteran Bitcoin enthusiast Willy Woo recently noted that the ‘Structure Shift’ signal is beginning to show early signs of a bearish pivot. Woo pointed out that capital inflows into the Bitcoin network have remained ‘very flat’ over the past three days.
Woo warned that if BTC fails to establish new highs soon, it could lead to bearish divergences forming on long-term charts. Nevertheless, he emphasized that the broader outlook remains optimistic, with a possible upside target of $114,000 if Bitcoin maintains its upward momentum.
Adding to the positive outlook, Pillows also forecasted that BTC could hit $120,000 in the coming months, suggesting the asset is in the final phase of the Wyckoff Accumulation pattern. At press time, BTC trades at $109,491, up 0.1% in the past 24 hours.
