Bitcoin continues to hover within a tight trading range, leaving traders and analysts divided over whether a breakout will lead to fresh all-time highs or a sharp pullback toward $90,000. As of May 16, BTC/USD remains under close scrutiny, with its current price movement fuelling both bullish and bearish predictions.
Bitcoin Holds Steady Despite Economic Surprises
On Thursday, Bitcoin was trading between $103,000 and $104,000, according to TradingView data. This relatively stagnant price action comes despite the release of better-than-expected US economic data, including the Consumer Price Index (CPI) on May 13 and the Producer Price Index (PPI) on May 15. Typically, such macroeconomic signals might influence Bitcoin’s short-term momentum, but this time the market reaction was muted.
Instead, the attention of traders has shifted to Bitcoin’s ongoing consolidation phase, which remains less than 10% below its all-time high. Many now view the current price zone as a critical point of tension before a possible major move.
Liquidity Zones Signal a Pivotal Moment
Several traders have highlighted significant liquidity levels surrounding the current price. Daan Crypto Trades, a well-followed analyst on X (formerly Twitter), noted that Bitcoin has exhibited a repeated pattern since rebounding in April: a sharp upward move followed by tight consolidation, then another leg up.
He advised: “Keep an eye on this local range and wait for a breakout to either direction.”
Another analyst, TheKingfisher, pointed out a heavy concentration of long liquidations around the $10280–$10300 level. This cluster could serve as a magnet for price action or trigger cascading liquidations if Bitcoin dips below it.
“Shorts are more spread out higher up,” The Kingfisher explained, suggesting an imbalance in the market that could tip the scale downward in the near term.
$90K Warning Amidst Breakout Speculation
While many remain hopeful of a surge, some traders are warning that a bearish scenario cannot be ruled out. Crypto Caesar, another popular commentator, stated that the price is at a critical juncture. A strong breakout above the current level could lead to “new crazy highs,” he said, citing a bullish crossover on the weekly MACD (Moving Average Convergence Divergence) indicator.
“However,” he cautioned, “a rejection right here might lead to a pullback toward $90K.”
This $90,000 level is now widely seen as a realistic downside target if Bitcoin fails to hold its current range.
Measured Moves Suggest $115K Possible
In contrast to bearish warnings, analyst Kevin Svenson remains optimistic. He pointed out that the recent legs up in Bitcoin’s price have followed a highly structured and consistent pattern. Using 4-hour chart analyses, Svenson predicted that if this trend continues, the next upward target could be around $115,000.
“So far, the measured move extrapolations of each leg up in this run have been pinpoint accurate,” Svenson noted. “If this pattern holds, the next target is $115,000.”
This view is echoed by a range of market commentators who remain bullish in the medium term, expecting the stop-start rebound that began in April to continue.
Long-Term Outlook: $1 Million in Sight?
Looking further ahead, some long-term forecasts remain extremely bullish. Former BitMEX CEO Arthur Hayes recently stated that Bitcoin could reach $1 million per coin within the next three years, or possibly even sooner.
While this prediction is met with scepticism in some quarters, it reflects the strong conviction among many crypto advocates who believe that macroeconomic instability, institutional adoption, and growing scarcity will continue to drive Bitcoin’s value over time.
For now, however, all eyes are on the immediate future — whether Bitcoin breaks upwards into price discovery territory, or sees a downward correction that could rattle bullish sentiment in the short term.
