- Bitcoin rebounded from $74,600 in April to $105,800, a sharp 40% rise.
- Analyst Trader Tardigrade predicts a move to $115,000, following a $10,000 step pattern.
- CryptoCon’s long-term model targets $160,000, comparing current cycle to 2015–2017 behavior.
After a steep decline earlier this year, Bitcoin has bounced back. It dropped from a January peak of $109,000 to below $75,000 by mid-April, hitting a low of $74,600. Since then, it has gained over 40%, reaching $105,800 and signaling a strong rebound.
Over the past week, Bitcoin has moved in a tight range between $101,000 and $105,000. This small 0.50% gain follows a 10.7% price jump seen in early May. Traders appear cautious as the market enters another short pause.
On May 16, analyst Trader Tardigrade shared a post on X suggesting Bitcoin could soon reach $115,000. He pointed out that the coin has formed a repeating pattern of rising $10,000 followed by sideways movement lasting seven to ten days before the next jump.
Bitcoin’s $10K Pattern Holds Strong
This behavior has occurred several times already: from $75,000 to $85,000, then to $95,000, and again to $105,000. The $10,000 steps and brief cooling-off periods suggest a solid uptrend. If this continues, the next leg could see Bitcoin reach $115,000, which is a 10.57% increase from current levels.
These pauses aren’t random. They allow traders to reset and often turn into support levels. This structure helps hold gains and creates a stable path upward. The pattern also reassures buyers, showing that the price is climbing with healthy breaks.
Bitcoin is climbing steadily, with intervals of around 10k in each consolidation.” added the Tardigrade.
Beyond short-term charts, some analysts are looking to longer cycle models such as the Golden Ratio Multiplier. Interest in the model surged in 2021 after it accurately signaled a market peak.
Long-Term Model Signals $160K Target
CryptoCon, a prominent market analyst, shared an update on X about the multiplier model’s latest signal. The current Bitcoin cycle, according to his analysis, already reached a significant level in March 2024, interpreted not as the final peak but a temporary high point.
We’ve already hit our cycle top level this cycle once, but this was for the cycle mid-top in March 2024, which means we’re bound to do it again,” said CryptoCon.
The model relies on Fibonacci-based levels aligned with Bitcoin’s long-term moving average. Historical data shows past cycle peaks occurred at Level 10 in 2011, Levels 9 and 8 in 2013, Level 7 in 2017, and Level 6 in 2021. Forecasts now place the next ceiling at Level 5.
Projections place Level 5 near $160,000. CryptoCon observed a close resemblance between the current structure and Bitcoin’s performance from 2015 to 2017, marked by a gradual rise followed by a sharp rally.
At present, Bitcoin trades above $103,000. Market behavior and chart signals both point to a phase of quiet accumulation, potentially setting up for a rapid upward move. CryptoCon described the setup as a slower build-up likely to be followed by an abrupt surge.
Slower buildup, then all at once!,” noted the analyst.
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