Bitcoin Bulls Charge at $120K with Traders Expecting New All-Time High

by

Key points:

  • Bitcoin is eyeing $120,000 like a dog eyes a steak, as bullish momentum marches on with the Wall Street open.

  • Traders can hardly contain their excitement for price discovery, as it feels like the “next” all-time high is just around the corner.

  • The RSI is climbing like a caffeinated squirrel, but there’s no support retest in sight-yet.

Bitcoin (BTC) is taking a long, hard look at $120,000 as it heads into Thursday’s Wall Street open. The bearish price action that had been hanging around like an unwanted guest is finally making its exit, and what’s next? All-time highs, of course!

Bitcoin Traders Prepare for Price Discovery

Data from CryptoMoon Markets Pro and TradingView are showing Bitcoin flexing its muscles, up another 1% today. Looks like it’s on a mission, folks.

There were no major pullbacks overnight-just a steady climb that is inching closer to price discovery, which, let’s be honest, has been six weeks in the making. Traders are dusting off their calculators, preparing for a momentous occasion.

Rekt Capital, who probably has more charts than he knows what to do with, reminded us that even a simple consolidation move might only revisit $117,000.

“Bitcoin has Daily Closed above $117.3k (blue),” he wrote, sharing an intricate chart that might as well be written in ancient Greek for all I know.

“Any dips into blue, if at all necessary, would constitute a post-breakout retest to fully confirm re-entry into the blue-black range of $117.3k-$120k.”

Trader Jelle, who’s clearly on top of things, seems ready for Bitcoin to break a fresh sweat and move higher from its new support. “Bitcoin is doing exactly what we planned,” he confidently proclaimed, and if that doesn’t make you feel like you’re sitting on the edge of your seat, I don’t know what will.

“Hold $118k from here, and new all-time highs are next. Uptober is here.”

BitBull, with the insight of someone who probably sleeps in a hoodie with a Bitcoin logo on it, is convinced that the six weeks of corrective price action have finally come to an end. Let the good times roll.

“$BTC has now made a higher high on the daily time frame. This is a major sign that the downtrend is now over,” he said.

“Now all I want is a daily close above $118K and a new ATH will happen in no time.”

BTC Price All-Time High “Only Thing Missing”

CryptoMoon reported that the RSI is heading into overbought territory on shorter timeframes. Basically, it’s like Bitcoin had a triple espresso, and now it’s running around like a kid on sugar. On the four-hour chart, RSI hit 82.3-its most “overbought” since mid-July. So if you’re looking for a sign, that’s probably it.

Caleb Franzen, who probably has RSI running through his veins, thinks that new all-time highs are inevitable. He’s seeing bullish divergences all over the place like an artist who’s just been handed a fresh canvas.

“After all of the bullish RSI divergences on 1, 2, and 4-hour timeframes, I think this will happen sooner than later,” he posted, with all the confidence of someone who has a spreadsheet open at all times.

Franzen also noted that BTC/USD has crossed its anchored volume-weighted average price (AVWAP)-because of course it has. In case you’re wondering, that’s a representation of the average price weighted by volume over a specific time period. Sounds like magic, but it’s all part of the plan.

Price discovery, he says, is the “only thing missing.” Well, that and a little bit of champagne for when we hit that new all-time high, right?

Read More

2025-10-02 18:13