Analyst Predicts Bitcoin Price May Hit $120K, Here’s Why

Key Insights:

• A $150M long at $108,885 signals whale conviction for a Bitcoin price breakout above $110K.
• Triple top resistance at $110K could send BTC price to $120K or back to the $93K support level.
• Bitcoin price broke out of a falling wedge, now approaching its long-term resistance zone.

Bitcoin price is testing the $110,500 resistance for the third time in recent months, just as institutional interest and regulatory momentum intensify.

Traders now anticipate a critical move that could send BTC price soaring toward $120,000 or higher.

$150M Long Opens at $108K Ahead of Bitcoin Price Breakout

According to Altcoin Gordon, a long position of up to $108,885 with 40x leverage was put in place by the same entity, resulting in the $150.87 Million bet.

The order was placed when BTC price fluctuated at about $110,500, where earlier rallies did not succeed.

More so, the timing indicated a tactical maneuver by a large trader or institution in anticipation of a confirmed breakout.

This kind of placement around resistance is usually an indicator of confidence in the change of structure.

In case Bitcoin price surpasses the resistance at $110,500 and ends up closing above it, short liquidations and long momentum could take it to 115K and beyond.

In the past, longs with massive leverage at points of compression have caused spikes in volatility. With momentum building, the Bitcoin price may soon break its multi-month consolidation.

Notably, the top crypto was trading at $109,398, up 1.9% over the past 7 days as of the latest data. Bitcoin’s market cap stood at $2.17 Trillion, with 24-hour trading volume at $41.75 Billion.

Triple Top or Ascending Breakout as BTC Price Compresses

Notably, Bitcoin price structure has shaped what some traders describe as a triple top, yet now analysts are pointing to signs of strength.

According to Crypto Patel, the top crypto prices are in an ascending triangle as indicated by higher lows and prices pushing the horizontal resistance.

Interestingly, this pattern tends to resolve higher, especially where price consolidates as it meets resistance with a rising volume. A breakout above $110,500 could send the Bitcoin price to $120,000.

However, in case the action does not work, support stands at $98,000 and $93,000 prices through which the selling pressure has been re-absorbed in the past.

The structure is contracting at the top of the triangle, implying that an important directional move is about to occur. Bulls seem to be in a breakout position due to the increased lows and escalated interest in buying.

SEC ETF Filing Acceptance Adds Bullish Catalyst

More so, analyst Crypto ELITES affirmed that the review process of a Bitcoin and Ethereum ETF that is linked to Trump has been updated by the SEC. Interestingly, a ruling can be reached within 60 days under changed conditions. This information fell at the point when Bitcoin price reached the critical resistance level and provided extra pressure on the upside.

ETF speculation has previously driven aggressive rallies. This S-1 in political interest and more general investor interest would possibly speed up institutional investment. Bitcoin price may benefit from renewed investor confidence as traditional finance engages more directly with crypto assets.

This progress brings in an overarching element of macro catalyst on the technical build-up. When BTC price battles a resistance, a positive ETF calendar adds a new sense of urgency to the expectations in the market.

Bitcoin Falling Wedge Breakout and Monthly Channel

Meanwhile, CryptoWZRD posted a chart indicating that the Bitcoin price was breaking out of a falling wedge that had developed during April to June. The resistance trendline crossed at around $110,500, further adding value to the breakout level that is currently being tested.

Above $110,400, he remains bullish with a confirmed breakout to hit $120,000. The trend agrees with the intraday chart momentum and the overall bullish formations. Any rejection could initiate an unwind to $105K before the continuation.

Crypto Aman Club further indicated that BTC price tested a multi-year ascending trendline on the monthly chart. The construction presented ascending blocks of support at 78K, 85K, and 91.5K.

The monthly candle structure is tightening under macro resistance. If Bitcoin price clears this level, a vertical move to $130K is increasingly likely. The market formation resembles possible cycles of breakout that had come before massive rallies.

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