Bitcoin continues to consolidate within a bullish pennant formation following its impressive vertical surge from approximately $98,000 to $123,000 over recent weeks.
Currently maintaining support above the $116,000 level and trading near $119,000 as of this writing, market analysts suggest BTC could surge toward new all-time highs upon successfully breaching the $120,000–$123,000 resistance zone.
If $119K Support Holds, BTC Would Attempt the $125K Breakout Target
Chart analysis reveals that Bitcoin has been adhering to a recurring pattern established since 2023, characterized by several weeks of consolidation followed by explosive bullish movements that typically deliver approximately 50% gains, similar to the rally witnessed from April’s lows to current price levels.
Continuing this established pattern, Bitcoin has established its local bottom at present levels, with $BTC positioned for another upward leg following last week’s correction.
According to CryptoQuant’s analysis, Bitcoin miners emerged as the primary sellers driving the recent consolidation phase.
Total miner outflows, representing Bitcoin transfers from mining wallets, peaked at 16,000 BTC on July 15, marking an extreme outflow event that represented the largest of such movement since April 7.
Source: CryptoQuantTechnical analyst CryptoMitchX suggests that the selling pressure has now diminished significantly, projecting a BTC rally to $125,000 early this week as US markets open and react to developments in cryptocurrency legislation and President Trump’s optimistic commentary on cryptocurrencies.
Should the $125,000 threshold be successfully surpassed, Bitcoin could initiate its next leg upward toward the $133,000–$140,000 target range, which appears achievable in the medium term.
Bitcoin Price Technical Analysis Screams $125k Breakout Incoming
From a technical perspective, the Bitcoin (BTC/USDT) daily chart displays a consolidation phase between $116,000 and $121,000 following the strong rally.
The price currently trades near $119,000, with the market establishing a narrow distribution range just beneath the anticipated $125,000 all-time high zone.
Source: TradingViewThe Fair Value Gap (FVG) positioned near the $105,000–$110,000 region serves as a structural support level, limiting deeper retracements.
Momentum indicators display persistent higher lows and RSI readings in the range of 66–68, suggesting additional upside potential without reaching extremely overbought conditions.
Should the price experience a minor pullback to retest the FVG or lower consolidation boundaries, a decisive breakout above $121,000 could propel Bitcoin toward $125,000 and potentially establish new highs beyond that level.
Bitcoin Hyper Explodes: 241% Staking Returns Attract $3.9M
As Bitcoin’s rally cools off, investors are turning to smaller, fast-moving projects — and Bitcoin Hyper (HYPER) is leading the charge.
This new Bitcoin Layer-2 project is built to make BTC faster and cheaper to use, with support for modern decentralized apps.
The project has already raised over $3.9 million, with its token priced at just $0.01235 during the ongoing presale.
HYPER also offers up to 241% in staking rewards, making it one of the most attractive early-stage opportunities right now.
Buyers can join the presale via the Bitcoin Hyper website or the Best Wallet app, with updates available on the project’s X and Telegram channels.
The post Bitcoin Price Prediction: If This Level Breaks, BTC Could Blast Toward New All-Time Highs – Biggest Rally Coming? appeared first on Cryptonews.
