Analyst Kharitonov says risks of Bitcoin correction are low
Analyst sees no sign of Bitcoin reversal as $120K target holds
Analyst Kharitonov dismisses growing trader anxiety over rumors of a potential trend reversal in Bitcoin’s price action.
According to him, there’s no technical evidence supporting a major downturn at present. “The RSI is at a neutral 49, and all key support levels remain intact,” he noted. He emphasized that institutional inflows and sovereign Bitcoin reserves continue to strengthen the bull case. Kharitonov expects a short-term consolidation at current levels, followed by a sharp rally above $120,000 as early as June, with altcoins poised to outperform as Bitcoin dominance slowly declines.
$330K in Sight? A Power Law Perspective
Bitcoin researcher Sminston With offers a more aggressive long-term forecast, suggesting that BTC could rise 100% to 200% from current levels, peaking between $220,000 and $330,000. His model uses a 365-day simple moving average (SMA) mapped against a power law trendline with a 0.96 R² correlation — indicating a strong historical fit.
With argues that Bitcoin consistently overshoots this trendline by a factor of 2–3 during bull markets. This would imply that BTC, trading around $110,000 on May 27, still has major upside remaining in the current cycle.
Volatility Persists Despite Market Maturity
With’s analysis also challenges the belief that Bitcoin’s volatility is decreasing as the asset matures. A second chart he shared shows persistent cyclical spikes in deviation from the power law fit, reinforcing BTC’s pattern of sharp price movements rather than stabilizing.
He previously forecast Bitcoin’s rise to six figures by January 2025 when it was near $60,000 — a prediction that materialized. As Bitcoin continues to behave cyclically, With’s quarter-by-quarter 2025 roadmap suggests further price acceleration is not only possible, but probable.
Recently we wrote that Bitcoin price continues to trade inside a tight price range on Thursday, May 29, as recent volatility compresses.
