Bitcoin (BTC) Price Prediction: Bitcoin Bears Target $113K While Bulls Await Fresh Catalyst

As of Saturday, Bitcoin trades around $117,705, with analysts split over whether the dip signals a deeper pullback or simply a pause before the next leg higher.

Despite short-term weakness, Bitcoin news today still points to a broader uptrend on higher time frames, with BTC forming higher highs and higher lows since May’s Pectra upgrade.

According to Bitcoin technical analysis, resistance stands firm at $120,000, the value area high anchored by VWAP. Immediate support is clustered at $118,200, while major demand sits near $116,300, which aligns with the golden Fibonacci pocket, daily support, and the 200-day EMA.

Bitcoin broke above previous highs, showing strong buying, then shifted to sideways trading around $117K–$118K after a potential bullish-to-bearish structure change. Source: AllyPipsExpert on TradingView

On the charts, momentum signals are mixed. The four-hour RSI shows hidden bullish divergence, suggesting rebound potential. But on the daily timeframe, bearish divergence points to a possible extended correction. If BTC loses $116K support, bears could drive prices toward $113K–$110K, while a recovery above $120K could open the door to $126K and eventually $130K.

Beyond charts, fresh Bitcoin ETF news and Treasury policy have weighed on sentiment. Earlier this week, U.S. Treasury Secretary Scott Bessent clarified that the government will not directly purchase Bitcoin to expand its strategic reserve, relying instead on confiscated assets.

Treasury Secretary Scott Bessent confirmed the U.S. holds $15–$20B in Bitcoin as a reserve store of value for the American people. Source: @CryptooIndia via X

This decision removes a predictable long-term buyer from the market. “By relying on seizures rather than direct purchases, reserve growth will be slower and less predictable,” said Bessent. Analysts warn this makes BTC prices more sensitive to macro data, tariff revenues, and institutional inflows.

The timing was compounded by hotter-than-expected Producer Price Index (PPI) data, which revived inflation worries and rattled risk assets.

While retail traders show caution, Bitcoin whale alerts suggest large holders remain active. On-chain trackers report that some whales accumulated during this dip, betting on BTC’s resilience ahead of the next Bitcoin halving in 2025.

BlackRock has just bought 976 BTC valued at $114.8 million. Source: Whale Insider via X

The halving event, which will cut miner rewards in half, has historically served as a major bullish catalyst for Bitcoin. Many traders believe it could reignite momentum, particularly as institutional adoption grows and infrastructure such as the Bitcoin Lightning Network scales further.

Despite volatility, some strategists remain optimistic. Analysts at CoinCentral argue that “any retest of $117K–$118K is likely to attract buyers, with deeper support at $113K and $110K if sentiment deteriorates.”

Bitcoin is consolidating in the $116K–$117K support zone following a corrective phase, with the range showing repeated accumulation. Source: ZareeFxTradingAac on TradingView

This consolidation can be seen as a healthy reset, potentially serving as a launchpad rather than a warning sign, setting up Bitcoin for a push not just to $130K, but possibly $250K by 2026. Besides, long-term investors viewing Bitcoin as an inflation hedge, short-term turbulence may matter less than its structural role in global finance.

The near-term Bitcoin price prediction hinges on whether bulls can defend the $116K–$117K support zone. A successful rebound could test $120K and reignite momentum toward $128K–$130K. Failure to hold, however, risks a slide to $113K or lower, giving bears the upper hand.

Bitcoin (BTC) was trading at around $117,705, down 0.4% in the last 24 hours at press time. Source: Bitcoin Liquid Index (BLX) via Brave New Coin

As traders monitor both technical signals and macro headlines, the broader Bitcoin long-term outlook remains constructive, especially with the 2025 halving on the horizon. For now, the battle between bears and bulls continues—and the next catalyst will likely determine whether Bitcoin breaks down or sets up for another breakout.