Bitcoin’s recent rally has played out almost exactly as forecasted. After breaching the $118,000 resistance, BTC surged toward $124,600 and then entered a consolidation phase — not a sign of weakness, but a natural pause before pushing higher.
At present, Bitcoin trades around $123,108, up 0.69% over the past 24 hours. Its market capitalization is about $2.45 trillion, with daily trading volume topping $65 billion. The price action is respecting a harmonic Bearish Butterflypattern, with the Potential Reversal Zone (PRZ) between $128,000 and $130,000 acting as the key inflection zone.
On shorter timeframes — like the 4-hour chart — BTC remains inside a rising channel, exhibiting a series of higher highs and higher lows. The 50-SMA (~$116,394) and 100-SMA (~$114,948) lie below the price, reinforcing the bullish structure. The RSI, having cooled from overbought levels above 75, is now around 66, which is often healthy for continuation.
While the immediate momentum is bullish, the Bearish Butterfly pattern warns of increasing reversal risk as BTC approaches the upper PRZ. Recent candlesticks with upper wicks suggest hesitation among buyers near resistance levels ($124,000). If a pullback occurs, supports to watch are $121,140 and $118,500. But accumulation flows and balanced funding rates imply the rally still has legs — as long as Bitcoin holds above $121,000.
If BTC can convincingly break above $128,000, it could negate the short-term bearish warnings and unleash a move toward $160,000. That breakout would signal renewed institutional conviction, especially given rising CME open interest and ETF inflows. If BTC closes above $130,000, the path to exponential expansion opens. Traders should remain patient, structured, and watch for a clean breakout above $124,600 and sustained strength above $121,000.
Overall, much of the narrative lines up with recent public reports of Bitcoin reaching new highs (~$125K) as of early October 2025.
However, targets such as $160,000 are speculative and may not reflect consensus among analysts. The use of harmonic patterns (like Bearish Butterfly) and exact support/resistance levels should be treated as one technical opinion among many.
