Bitcoin Could Test $120,000 In A Matter Of Weeks, Says Analyst

Bitcoin could next approach the $120,000 level.
Bitcoin prices, which managed to set multiple records on Wednesday, May 21, could test the $120,000 level in the coming weeks, according to technical analysis provided by hedge fund manager Joe DiPasquale.
Earlier in the day, the digital currency surpassed set a fresh high above $109,000, before surpassing $110,000 close to 7:30 p.m. EST, Coinbase data from TradingView reveals.
The cryptocurrency did not stay above $110,000 for long, and was trading closer to $109,300 at the time of this writing, additional Coinbase figures sourced from TradingView show.
Amid these latest price movements, DiPasquale, CEO of cryptocurrency hedge fund manager BitBull Capital, shed some light on the digital asset’s short-term outlook.
“On the upside, $112,000 is the next psychological resistance, but if momentum continues, we could see a test of $120,000 — which aligns with longer-term Fibonacci extensions,” he stated via email.
“At these levels, price action is likely to be volatile, so watching ETF flows and funding rates will be just as important as the charts,” the market observer added.
“If momentum holds and we continue to see strong ETF inflows and a supportive macro backdrop, Bitcoin could plausibly test the $120,000 level within weeks, not months," he clarified, offering a more concrete timeline for when the digital currency could reach this height.