Bitcoin Price Prediction – Breakout Off Current Range Could Pave Way for $120K BTC

Highlights:

• Bitcoin is range-bound between $110,227 and $108,600
• Rally through $110,227 could pave the way for a quick jump to $120k
• Growing institutional interest in Bitcoin could trigger such a price move 

Bitcoin is relatively unmoved today. When writing, Bitcoin was trading at $109,271, down by 0.11% in the day. Interestingly, intraday trading volumes have dropped sharply. They are down by 13.26% to stand at $51.49 billion. This may indicate that large buyers triggered the latest price jump, and they are not trading their Bitcoin, but withdrawing it into cold storage. It signals that the rally from $104k to $109k is not the last phase of the Bitcoin rally, but rather a hint at the beginning of the next leg up for Bitcoin. 

Bitcoin Price at A Crossroads as Similarities to Previous Cycles Emerge

Bitcoin is currently at a crossroads. On the one hand, some investors believe that it is trading in a dangerous zone. That’s because, from the charts, there is a similarity in its price action to what happened at the end of the 2021 price cycle. There was a slow retest of the all-time high after a correction before the bear market started.

$BTC 1W

Going to be funny when everyone is surprised on the fall when the warning signs were in plain sight.

Macro bear divs, local bear divs, bear PA, distributive PA, overbought stoch, etc.

Don’t be on the wrong side of history. pic.twitter.com/xDI0kcOluV

— Roman (@Roman_Trading) June 10, 2025

Investors afraid of a repeat of buying the top may be holding back from buying Bitcoin. This may explain the slow grind up despite the bullish signals that Bitcoin has been sending recently. However, there are indicators that such a scenario is unlikely to play out and that Bitcoin is likely headed much higher.

Changing Nature of Bitcoin Investors Could Negate the Possibility of a Bear Market

One of them is that the type of investor buying Bitcoin has changed. In the past, Bitcoin was mainly in the hands of short-term traders chasing the 4-year price cycle. This is not the case in 2025. The most prominent players in Bitcoin currently are institutions and sovereign investors such as governments.

These entities are not buying Bitcoin with the hopes of dumping it at the end of the 4-year cycle. They are looking to buy and probably never sell Bitcoin. This means the bear markets that followed the pump after the halving pump are likely gone. Michael Saylor’s Strategy is a good example. Strategy has been issuing debt and offering shares to help it buy more Bitcoin at prevailing prices. Saylor has even proclaimed that there is not going to be a bear market and that Bitcoin is likely headed to $1 million from here.

JUST IN: Michael Saylor said the bear market is not coming back and Bitcoin is going to $1 million

pic.twitter.com/J4sn80LMzs

— Bitcoin Magazine (@BitcoinMagazine) June 10, 2025

Many other organizations are doing the same, with Japan’s MetaPlanet recently announcing that it is raising $5.4 billion in capital to buy Bitcoin. With such a shift into long-only buyers, there is a good chance that the expected bear market will not come. The result is that as the price slowly heads higher with each consolidation, FOMO could start building up at some point.  This could put Bitcoin on a parabolic price move, one that could see Bitcoin hit prices above $500k within 2025. 

Mainstream Media Increasingly Bullish on Bitcoin

Bitcoin FOMO could also start building up, especially now that mainstream media is beginning to give high predictions for the current cycle. Yesterday, June 10, CNBC, one of the large media houses in the US, ran a piece arguing that based on current price action, Bitcoin is likely headed to $130k. Such projections could play a role in drawing in more investors into Bitcoin, both short-term and long-term investors.

Bitcoin is primed for a surge to fresh all-time highs above $130,000, according to the charts https://t.co/SFnEEb5JH3

— CNBC (@CNBC) June 10, 2025

Technical Analysis – Bitcoin Price Is Consolidating

From the charts, Bitcoin is entering an intra-day consolidation between the $110,297 resistance and $108,600 support.

If Bitcoin pushes through $110,297 resistance, $120k could be the short-term target. On the flip side, if there is a correction through the $108,600 support, then a correction to $105,425 could follow.