Bitcoin Price Prediction: Can BTC Surpass the Milestone of 120,000 USD After the Latest Recovery?

Bitcoin is back in the spotlight as the price bounces back to 118,236 dollars after a slight fall to 112,600 dollars earlier this week. This recovery, supported by breaking through the long-term downtrend line, has reignited optimistic sentiment. Traders are now raising a big question: can BTC ultimately surpass the 120,000 dollar mark and set the stage for a new bullish trend? Bitcoin Chart Analysis: What is Happening with BTC Coin? The 4-hour BTC/USD chart shows a clear breakout from the descending resistance line that has held back prices since mid-July. This breakout coincides with the price exceeding both the 50-day SMA at $115,225 and the 200-day SMA at $116,673 — a bullish technical signal indicating that the upward momentum is shifting in a bullish direction. The RSI indicator is currently at 62.97, indicating that BTC has room to rise higher before entering the overbought territory. However, the level of $118,616 remains a strong resistance; a daily close above this area could open the door towards $120,000 and beyond.

Key support and resistance levels Immediate resistance level: $118,616 Main resistance level: $120,000 Immediate support: $116,673 ( 200 SMA ) Main support: $112,142 – $111,350 If Bitcoin cannot hold above the level of $116,673, the price may fall to $112,000, where strong buying demand may emerge again. Bitcoin Price Prediction: Market Outlook and BTC Price in the Future Breaking above the resistance level on the trend line is a strong technical development. As long as BTC maintains support above $116,000, the path of least resistance will still be upward. A confirmed close above $120,000 could set the stage for a rally to $123,500 and potentially $130,000 in the coming weeks. Trading Strategy Considerations: How to Trade BTC Today Traders can look for buy orders as the price tests the breakout level of (116.700–117.000 dollars) with targets near 120,000 dollars and 123,500 dollars. Risk management remains a key factor, as a rejection at the 120,000 dollar level could trigger a pullback to lower support levels. The recent bounce back of Bitcoin has helped the buyers regain control, but the battle around the $120,000 mark will determine whether this is the beginning of a major bull run or just another short-term rally. Currently, the technical indicators are supporting the next bullish trend.