Bitcoin’s Long-Term Resistance Levels Identified at $115,000 and $223,000

As Bitcoin trades above $100,000, market optimism remains buoyant. Analyst Omkar Godbole from CoinDesk suggests that potential resistance levels during the “bullish” phase are approximately between $140,000 and $200,000.

“One way to identify such levels is by using trend lines. They connect key lows and highs on the chart, indicating the direction of movement and helping to identify support and resistance zones,” explained the expert.

He proposed drawing a line through the peaks of the 2017 and 2021 growth phases—around $20,000 and $70,000, respectively. This approach “can identify a potential zone of seller pressure,” Godbole explained.

At the time of writing, the trend line indicates resistance around $115,300:

This same diagonal limited growth in December and January. During the April correction, the price fell to $75,000.

“Logarithmic” Resistance at $220,000

Godbole emphasized that the above chart is linear.

“It reflects absolute price changes and is more suitable for assessing short-term trends,” noted the expert.

According to him, resistance levels in such a representation may not be as accurate. A similar chart does not smooth significant price fluctuations as a logarithmic one does. The latter allows for more precise trend line construction and identification of key resistance zones, Godbole is convinced.

With this approach, the line passing through the 2017 and 2021 peaks indicates a resistance zone around $223,000 instead of $115,000. The analyst believes this level better reflects the exponential nature of Bitcoin’s growth in past market cycles.

Earlier, CryptoQuant analyst Axel Adler Jr. forecasted a “modest” rise in Bitcoin to $160,000.