Bitcoin Hits $120,000, Analysts Eye Potential Correction

Bitcoin's price has reached a significant milestone, touching $120,000, a level that aligns with historical peak trend lines from previous cycles. This development has sparked interest among analysts who are examining the potential implications for the cryptocurrency's future trajectory.

A chart shared by a prominent analyst on June 17, 2025, illustrates a recurring pattern in Bitcoin's price movements. The chart highlights that the current price level of $120,000 corresponds to a long-term resistance line that has previously capped major rallies in 2017 and 2021. These historical highs were followed by sharp corrections, suggesting that the current price level could also mark a potential top for the ongoing cycle.

The chart plots three key all-time highs (ATHs)—2017, 2021, and the potential 2025 high at $120,000—all of which touch a rising diagonal resistance line. This trendline has acted as a ceiling for each major rally, with subsequent corrections finding support at historically confirmed bottoms. For instance, after the 2017 ATH of $19,000, the price bottomed in 2018, aligning with previous consolidation zones. Similarly, the 2021 high of $69,000 was followed by a correction to just below $16,000 in 2022.

The chart also reveals a curved dotted line representing the recent parabolic advance from late 2022 into 2025. This arc mirrors earlier bullish accelerations seen in past cycles and intersects the major trendline at the $120,000 mark, highlighted as a potential peak area. The structure suggests that if the current $120,000 high holds firm, Bitcoin's price could fall toward the $80,000–$90,000 range, consistent with previous post-ATH retracement behavior.

Support zones, represented by blue horizontal boxes on the chart, show areas where the price consolidated before breakout rallies. These zones later acted as support during corrections. In both 2019 and 2022, Bitcoin found a bottom in these regions after large drawdowns. These support levels are crucial as they represent areas of strong interest and repeated demand, guiding the cryptocurrency's price movements during corrections.

The current projected price path beyond 2025 appears in faded orange, indicating uncertainty beyond the supposed ATH. This projection shows a decline from $120,000 toward the $80,000–$90,000 range, mimicking the 2018 and 2022 cycles. The top trendline connecting the previous highs and the rebound curves from prior bottoms supports this narrative, suggesting that Bitcoin's path may again be guided by historical geometry.

With the chart structure repeating, analysts are questioning whether Bitcoin has already completed its 2025 cycle peak. The image points to three identical phases: a major ATH followed by a decline, a bottom near previous support, and a recovery arc. If the $120,000 level is confirmed as a cycle top, the market could already be in a post-peak correction, similar to the strong drawdowns that followed the 2017 and 2021 ATHs. From $120,000, a similar retracement would position a bottom near $80,000.

Price has already begun to soften below the 2025 high, with the long-term trendline again capping Bitcoin’s upward trajectory. This visual signals to chart analysts that historical structures may still define Bitcoin’s major cycle behavior, providing insights into potential future price movements.