Bitcoin (BTC) smashed a fresh all-time high (ATH) of $111,814 on May 22, but the party may be over, at least for now.

After rallying by more than $15,000 over the month, the king crypto has shed $9,000 in the last week alone, slipping to the $103,000 level, putting traders on edge and sparking new debate: Is this a healthy cooldown or the start of a deeper plunge?

Technical Red Flags Flashing

Volatility is back with a vengeance. In the last 24 hours, BTC has swung between $103,300 and $105,000, reflecting growing market uncertainty. Zooming out, it’s still up 9.1% in the last 30 days and 52.1% over the past year, but the momentum seems to be fading.

According to data shared by analyst Axel Adler Jr., Bitcoin just triggered four consecutive sell signals on CryptoQuant’s Net UTXO Supply ratio. “This is a typical pattern for an overheated market phase, where profit-taking occurs and demand begins to lag supply,” he warned, highlighting the red flag that often comes before short-term tops.

Further, the market watcher pointed to two possible scenarios for the asset: a sideways purgatory, with BTC drifting sideways between $95,000 and $105,000 for weeks, or a mid pullback that could see it plunge toward $92,000 in a bid to “relieve overbought conditions.”

Betting Big on Bitcoin

However, others are more optimistic, or delusional, depending on who you ask. According to BetIdeas in an email to CryptoPotato, there’s an 80% chance of BTC hitting $120,000 in 2025, and a 40% shot at $150,000.

“The volatile nature of crypto is what will always grab the headlines but with the upwards trend in May with Bitcoin being increasingly positive, it looks as though a big run for Bitcoin holders is coming,” wrote spokesman Steve McQuillan.

He stated that traders on the platform had placed a 22% chance on a run toward $200,000 before the end of the year.

Meanwhile, popular analyst Daan Crypto Trades has pointed to the zone between $97,000 and $99,000 as a key level to watch for a potential bounce, citing Fibonacci retracement levels and the 200-day moving average.

Elsewhere, Michaël van de Poppe doesn’t seem too fazed by the current goings on in the market, terming it “consolidation and correction,” which, in his opinion, is “very healthy and normal.”