Why Bitcoin will slingshot to $130,000 by August
2025-07-05 20:49:30
Main Idea
Bitcoin's technical indicators suggest it could reach a new all-time high of around $130,000 in the coming weeks, supported by key price levels and on-chain data.
Key Points
1. Bitcoin is trading at $108,118, up 0.5% in the past 24 hours and nearly 1% over the past seven days.
2. Analysis by TradingShot indicates a golden cross on the four-hour chart, with BTC holding above its 50-period moving average, a key support level that could fuel a rally.
3. The current setup mirrors Bitcoin's April–May rally, with a similar channel up pattern peaking near the 2.618 Fibonacci extension, projecting a potential rise to $130,000 by early August.
4. On-chain data shows 89.36% of BTC holders are 'in the money,' with key demand zones at $106,738 and $98,566 providing potential downside support.
5. Approximately 1.64 million addresses hold BTC at or near $106,738, and another 1.71 million addresses are positioned near $98,566, indicating strong support levels.
Description
Bitcoin’s ( BTC ) technical indicators suggest the maiden digital currency is likely to hit a new all-time high of around $130,000 in the coming weeks. This comes as Bitcoin attempts to reclaim the $110,000 level, which has acted as a major resistance point in recent sessions. As of press time, BTC was trading at $108,118, up 0.5% in the past 24 hours and nearly 1% over the past week. Bitcoin seven-day price chart. Source: Finbold For the price outlook, analysis by TradingShot , in a TradingView...
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