Bitcoin is setting its sights on the $118,000 mark, reigniting bullish sentiment and sparking speculation about a potential surge towards a new all-time high. With buyers regaining their footing after recent fluctuations, this breakout could pave the way for prices to reach $120,000 and beyond.
Final Shakeout Before a Major Rally
A recent update from Crypto VIP Signal highlighted that Bitcoin faced a significant pullback yesterday following news of an interest rate cut and comments from Jerome Powell that triggered market volatility. This decline caught traders’ attention across the board; however, experts believe this movement is more likely to be a final shakeout rather than the beginning of an extensive correction.
Interestingly enough, despite this pullback, Bitcoin has quickly demonstrated resilience. This recovery indicates that demand for BTC remains strong and that market participants continue to have confidence in its upward trajectory.
Crypto VIP Signal stressed that the key level to monitor in the near term is $118,000. A successful breakout above this resistance would serve as robust confirmation of bullish momentum and could accelerate progress toward $120,000. Achieving this milestone would not only represent another significant achievement but also affirm Bitcoin’s position within a bullish cycle—heightening expectations for new all-time highs ahead.
Bollinger Bands Indicate Potential Pathway to $120,000
The latest BTC analysis from EGRAG CRYPTO reinforces an optimistic outlook for Bitcoin through critical technical indicators. The report notes that closing decisively above the upper middle section of Bollinger Bands (BB) may act as the catalyst needed to drive prices higher.
This technical formation is often seen by analysts as indicative of building momentum which can lead to breakouts following periods of consolidation. If Bitcoin successfully achieves such conditions, it could set off a rally towards reaching the pivotal resistance level at $120,000.
The update presents an extremely positive short-term forecast suggesting that hitting new records might be imminent. According to EGRAG CRYPTO’s analysis if BTC manages not only to break through but also maintain pricing above $120,000 today—it may establish fresh all-time highs which could ignite renewed investor enthusiasm and increase market liquidity as prices venture into uncharted territory.
Despite prevailing bullish sentiments though there’s an important cautionary note for traders included in their analysis—the critical threshold at around $117,300 must be monitored closely; any substantial rejection here might lead price action back down toward support levels around $113,300.
Featured image from Pixabay; chart sourced from Tradingview.com