Bitcoin in 'pivot zone' as potential consolidation looms: Analyst

Bitcoin markets could be in for another prolonged period of consolidation if there isn’t more buying pressure this week, says analyst Willy Woo. 

The strength of Bitcoin’s (BTC) run from $75,000 on April 7 to its all-time high just below $112,000 on May 22 “is starting to break down,” Woo wrote to X on May 28. 

“This week is absolutely critical,” he said. “If we do not get follow-through, then we will be up for another consolidation period.”

Woo said that in the short term, “late comer speculators” are taking long positions while potential profit taking “is ready to dump” as seen in the Bitcoin Spent Output Profit Ratio (SOPR), which is a measure of the price paid divided by the price sold. 

“This week’s spot buying will strongly influence the next 1-2 months of price action. We are in a pivot zone.” Bitcoin short-term models. Source: Willy Woo 

On the positive side, he said the risk signal is trending downward, explaining that “buy-side liquidity is dominating” in the broader environment. “We are setting up for another solid run on the long time frame,” he said. 

Related: Bitcoin price will reach $130K or even $1.5M, top bulls say

This week’s rebound in US consumer sentiment may help boost market risk appetite in the short term, Bitunix analysts said in a note shared with Cointelegraph.

“We need to be alert to the technical pressure zone and the risk of a potential pullback,” they said, adding Bitcoin’s short-term pressure is around $110,800, where most of the past rebounds have stopped, and which is the core of the war between the bulls and the bears. 

“Support at $108,000 is the main long defense zone over the past two days. If it breaks down, it may trigger profit-taking pressure and turn into a short bias structure.”

Big Bitcoin price predictions

Meanwhile, President Donald Trump’s eldest sons, Donald Jr. and Eric, both think Bitcoin could clear $170,000 by the end of 2026, according to their predictions on stage at the Bitcoin 2025 conference in Las Vegas, on May 28. 

Bitcoin pioneer Adam Back had an even bolder prediction that BTC was going to $1 million in 5 years. 

ADAM BACK JUST SAID #BITCOIN IS GOING TO $1 MILLION IN 5 YEARS 🚀 pic.twitter.com/BA3ToeW3Mg

— The Bitcoin Conference (@TheBitcoinConf) May 28, 2025

Bitcoin was trading at $107,785 on Coinbase at the time of writing, according to Tradingview. 

It has slid 1.2% over the past 24 hours and failed to gain more momentum above $108,000 in early trading on May 29. 

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