Bitcoin Bulls Eye $124K as Technical Indicators Flip Positive
Bitcoin's recent price action and technical indicators suggest a potential bullish turnaround. If Bitcoin can break through the $124,000 barrier, it could signal the start of a powerful wave-3 expansion. With strong institutional support and positive price forecasts from analysts, the outlook for Bitcoin heading into year-end and beyond appears promising. Bitcoin is currently trading above $114,000 after bouncing from September lows near $106,000. A sustained move above the 61.8% Fibonacci retracement level could strengthen Bitcoin's bullish outlook and signal the start of a powerful wave-3 expansion. Historically, Bitcoin's wave-2 corrections often retest the 61.8% Fibonacci retracement level before advancing, which points to a potential price target in the $118,000-$124,000 region. The Elliott Wave theory also supports a bullish setup for Bitcoin, with the ABC corrective pattern nearing completion and a fresh wave higher potentially starting. Technical resistance for Bitcoin remains at $115,000, with stronger barriers around $118,000 and $124,000, and some analysts eyeing $150,000 to $180,000 before the close of 2025. Bitcoin price forecasts by analysts such as Jordi Visser, Cathie Wood (ARK Invest), and Thomas Lee (Fundstrat Global Advisors) range from $250,000 to $1,500,000 by 2030, with institutional investors such as BlackRock and state funds increasingly allocating to Bitcoin, indicating strong institutional support and inflows potentially reaching $120 billion by 2025.
