Bitcoin is trading at approximately $118,716, up about 1.5% from the previous session. This price action reflects sustained strength following early August volatility, with investors showing renewed confidence amid favorable regulatory developments and ETF optimism.
In this article, we will look at bitcoin next target along with latest news.
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Bitcoin Next Target
- Current Price: ~$118,716
- 24h Change: +1.5%
- Intraday Range: ~$116,468 – $118,716
- Support Levels: ~$115,000–$116,000
- Target Resistance: $120,000 and beyond, toward recent highs near mid-July peak of ~$123,000
Bullish breakout from Sideways Channel ($100K – $112K), above the $112K key level, signaled resumption of Uptrend. Price made new ATHs, then pulled back to $112K key level, filling in the gap $112K – $117K. Gaps get filled! That $112K level has now flipped from resistance to support.
In this price discovery phase, we used Fibonacci extensions to identify possible price targets (resistance levels): $121K, $128K, $136K.
Technical View & Momentum
- The momentum indicators signal a recovery from early-August consolidation.
- Price remains within a range conducive to upward pressure, contingent on continued ETF inflows and supportive macro trends.
- A breakout above $120,000 could unlock further upside, while a dip below $115,000 may result in sideways to slightly bearish retracement.
Market Highlights & Catalysts
- Regulatory Tailwinds: A recent executive order now allows cryptocurrencies in 401(k) retirement plans, expanding potential demand from the $8.9 trillion retirement market.
- Retrospective Strength: Bitcoin has posted a strong year-to-date return (~25%), second only to gold among major asset classes.
Outlook Summary
- Bull Case: Sustained purchases and a break above $120,000 may pave the way for a retest of July highs near $123,000, possibly edging toward $130,000.
- Bear Case: A slip below $115,000 may trigger a correction to the $112,000–$113,000 range ahead of renewed bullish attempts.
Short-Term Sentiment: Modestly Bullish
Risk Level: Moderate — largely driven by ETF flows and macro regulatory sentiment
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