Cryptocurrency Bitcoin Maintains Position Above Significant Support Framework as Price Aims for $119,754 Barrier
After a significant breakout, the price of Bitcoin has surpassed the resistance near $119,754, marking a 0.1% gain over the past seven days, now trading at $118,807. This development has sparked a bullish trend, with most analysts predicting further upward momentum.
Bullish Scenario and Price Targets
The recent breakout has led many experts to forecast Bitcoin progressing well beyond the previous resistance. Estimates range from around $145,000 to $200,000 by the end of 2025. For instance, a panel of 24 crypto industry experts averages a year-end 2025 price prediction of about $145,167, with potential highs reaching $162,353 and optimistic calls up to $200,000 by major financial institutions like Standard Chartered and Bernstein.
Technical Signals and Breakout Context
The monthly chart shows a "pin bar" candlestick with a long lower wick rejecting lower prices around $102,000, indicating strong buying support. This reinforces the bullish sentiment and suggests that breaking decisively above $119,754 would confirm an exit from the volatility channel, potentially unlocking further gains toward or beyond the $150,000 region.
Bullish Drivers
Institutional adoption, growing digital asset conferences, and the Bitcoin halving event add strong momentum to the bullish trend. Combined with historical seasonality showing an average 8% gain in July, these factors point to ongoing upward pressure.
Risks and Potential Downside
Despite the bullish outlook, analysts caution that failure to maintain support above $102,000 could invalidate the bullish scenario, exposing Bitcoin to retests of psychological levels at $100,000 and possibly lows around $92,000–95,000. Regulatory crackdowns or a negative market sentiment shift remain significant risks that could curtail or reverse the rally.
Longer-Term Outlook
Beyond 2025, some projections foresee Bitcoin reaching $458,647 by 2030 and exceeding $1 million by 2035, although with considerable volatility.
Current Market Situation
The price of Bitcoin is currently consolidating within a tight 24-hour range, with the high at $119,754 and the low at $117,914. The presence of the Ichimoku Cloud around the current support level reinforces the support zone. All eyes are now on whether the breakout gains further traction or stalls at overhead pressure.
Traders are watching to see if this consolidation will result in a breakout to an upper resistance level or a fall to the lower bound. The current retest of the breakout level is unfolding near the 24-hour low of $117,914. The Ichimoku Cloud continues to act as a stabilizing layer beneath the price of Bitcoin, further strengthening the support at $117,914.
The focus remains on the Bitcoin market and the broader cryptocurrency market, with resistance for Bitcoin remaining at $119,754, continuing to cap upward moves. The breakout was accompanied by a noticeable increase in trading volume, indicating increased investor interest in the digital asset.
- Given the recent breakout, investors are actively looking at the cryptocurrency market, particularly Bitcoin, as many experts predict its price to progress beyond the previous resistance, reaching an average of about $145,167 by the end of 2025, with potential highs even reaching $200,000.
- The bullish trend in cryptocurrency, including Bitcoin, is being driven by factors such as institutional adoption, digital asset conferences, and the Bitcoin halving event, combined with historical seasonality showing an average 8% gain in July, leading to further upward momentum.
