Some market analysts have offered a new range forecast for BTC, identifying $58,000 as the target low for this correction. If macroeconomic conditions and capital flows are supportive, the market could resume its upward trend this year and challenge the $120,000 mark. These bullish and bearish range expectations offer the market a new trading reference.
From the perspective of the pullback, $58,000 is seen as a key support level. It coincides with a major accumulation zone from an earlier period and is also close to the Fibonacci support level for this retracement. If the market continues to absorb the fear triggered by security incidents and headwinds such as ETF outflows, BTC could fall to this level for one final wave of panic-driven selling. If buying support holds around $58,000 and the price stops making new lows, that would confirm the bottom of this correction and open the way for a subsequent recovery.
On the bullish side, the case for Bitcoin reaching $120,000 within the year is based mainly on expectations of institutional funds returning to spot markets, long-term buying demand over the halving cycle, and the market having completed substantial deleveraging. Analysts believe that if expectations for Federal Reserve monetary policy shift and appetite for risk assets recovers, together with Bitcoin spot ETFs returning to net inflows, the market could see a strong rebound and return to the $120,000 level.
However, there is still clear disagreement within the market. Many institutions have offered more bearish estimates of the bottom, arguing that amid persistently high interest rates and regulatory uncertainty, support in this pullback could be well below $58,000, and that it is too early to call a bottom. At the same time, even if the optimistic outlook proves correct, the climb from the bottom to $120,000 will not be smooth; it will likely be accompanied by significant volatility and liquidations of leveraged positions along the way.
Market sentiment remains fragile, and the fallout from the exchange security incident has not fully subsided. Any news-driven shock could break through expected support levels. Analysts stress that price forecasts are only projections and do not guarantee that the market will reach those levels. Crypto assets are highly volatile, and leveraged futures trading carries extremely high risks. Target prices should not be used as the sole basis for opening positions; proper position management and stop-losses are essential.
