Bitcoin Price Eyes $120K Breakout Amid $200K Volume Hurdles
Bitcoin price continues consolidating around $118,000–$118,600 after clearing the zone and is now targeting a breakout above the critical $120,000 resistance. A bullish trend line at $118,200 and the 100-hour moving average near $118,600 underpin the short-term uptrend. Key upside hurdles lie at $120,250 and $122,500, with an extended target at $123,200 on sustained momentum. Initial supports are at $118,500 and $117,200 (76.4% Fibonacci retracement), followed by $116,250 and $115,000. Technical indicators remain bullish: MACD has risen into positive territory, and RSI sits above 50.
However, Glassnode analyst James Check warns that reaching a $200,000 price target by year-end would require doubling Bitcoin’s market cap to nearly $5 trillion—an unusually large rally demanding a significant boost in trading volume and market support. Even if Bitcoin crosses $120,000, it must hold higher levels like $130,000 and above to sustain momentum or risk rapid pullbacks. While short-term challenges persist, the long-term outlook remains bullish, with a possible stabilization above $200,000 within five years.
Bullish
The combined analysis highlights short-term bullish momentum: price consolidating above key support levels, clear resistance hurdles at $120K–$123.2K, and positive MACD and RSI readings. Traders eye a decisive break above $120,250 to confirm renewed upward momentum. While achieving a $200K target by year-end faces steep volume and market-support challenges—and rapid spikes could trigger pullbacks—the overall technical setup and long-term outlook remain positive. This suggests a bullish impact on BTC’s price in both the immediate rebound scenario and the multi-year growth trajectory.