Bitcoin (BTC) Price Headed for $120K? Experts Agree—But There's a Catch

Bitcoin's price action has market observers anticipating its next move. Some see a potential move toward $120k and beyond, but the trajectory might not be a walk in the park.

Bitcoin’s price action has left traders guessing its next move. Some see a potential move toward $120k and beyond, but the trajectory might not be a walk in the park. While a breakout lately suggests more upside, there’s a need for caution as a pullback could come first.

BTC Forms Bullish Cup and Handle Pattern

Crypto analyst Mags (@thescalpingpro) identified a cup and handle formation on Bitcoin’s long-term chart, indicating a strong continuation pattern.

According to the expert’s chart, BTC broke out of the handle's resistance near $69,000-$70,000, confirming the bullish setup. The pattern suggests a measured move target of $125k, derived from the price range between the cup's bottom at $15,500 and the breakout zone.

Following the breakout, Bitcoin trades around $105,116, as per CoinGecko data, at press time. Mags noted that the recent consolidation phase is likely a retest of previous resistance, which could now act as support before another leg higher. The next key levels to watch include $110K-$115K, which could be crucial as BTC surges toward the projected price target.

How High Will Bitcoin Go Before a Correction?

XForceGlobal outlined two possible scenarios for Bitcoin’s long-term trajectory. The first is a classic five-wave impulse pattern, which aligns with previous bull market structures. The second possibility is an ending diagonal, a pattern that often signals market exhaustion.

The analyst believes BTC is currently in a fifth wave, which typically marks the final push before a correction. Based on this framework, Bitcoin could rally toward $120,000-$150,000 before facing a steep pullback. The price action remains subject to change, but the overarching trend suggests a final rally phase before the market corrects.