Bitcoin (BTC) Price Prediction: Bitcoin Breaks Descending Trendline as Elliott Wave Targets $124K Rally

The move, analysts suggest, could mark a turning point in the ongoing battle between bulls and bears.

BTC is currently trading above $114,000 after bouncing from September lows near $106,000, according to Investtech data. “A break above the bearish structure signals that the corrective phase may be ending,” market analyst @Manofbitcoin wrote on X, highlighting Elliott Wave analysis that points to a potential breakout.

The shift is notable because Bitcoin’s wave-2 corrections, historically, often retest the 61.8% Fibonacci retracement level before advancing. If this pattern holds, the BTC price prediction points toward the $118,000–$124,000 region, aligning with August’s all-time high.

Elliott Wave theory remains central to current bitcoin predictions. Analysts believe the ABC corrective pattern is nearing completion, leaving room for a fresh wave higher. A sustained move above the 61.8% Fibonacci retracement strengthens Bitcoin’s bullish outlook, signaling the potential start of a powerful wave-3 expansion supported by technical and macroeconomic factors.

Bitcoin has broken above its descending trendline, with a sustained move past the 61.8% Fibonacci retracement signaling potential for a stronger bullish wave-2 continuation. Source: @Manofbitcoin via X

This view aligns with broader optimism in the bitcoin market. Rising trading volumes and improving investor sentiment suggest that the recovery may not be a short-lived bounce. Instead, analysts point to the potential for a sustained rally into Q4, supported by both technicals and macroeconomic trends.

Beyond technical signals, wider market forces are contributing to the shift in momentum. The Federal Reserve’s September rate cut weakened the U.S. dollar and lifted gold to record highs, reviving Bitcoin’s “digital gold” narrative. Analysts at XWIN Research explained: “Capital typically flows into gold first, then rotates into Bitcoin as risk appetite builds. The recent rebound fits this historic pattern.”

Bitcoin’s late-September surge was driven by the Fed’s rate cut, a weaker dollar, record gold highs, and investor rotation into BTC as an inflation-resistant asset. Source: XWIN Research Japan on CryptoQuant

Institutional inflows have also added fuel. BlackRock’s IBIT and Fidelity’s FBTC continue to attract capital, while easing U.S. ETF listing rules boosted confidence across the crypto sector. With long-term holders moving coins off exchanges, sell pressure has eased significantly. These dynamics support the case for higher BTC price levels heading into year-end.

Technical resistance remains at $115,000, with stronger barriers around $118,000 and $124,000 — the August peak. Clearing these levels could open the door to an extended run, with some analysts eyeing $150,000 to $180,000 before the close of 2025.

Bitcoin is forming a bullish retracement within a broader weekly bearish expansion, with an ABCD correction potentially preceding continuation of the larger bearish trend. Source: TheeSnipeGoat on TradingView

On-chain indicators back this outlook. Exchange reserves have dropped, the MVRV ratio has recovered, and accumulation by large holders is on the rise. Together, these signals point to growing conviction that the price of Bitcoin may soon retest its highs.

As Carmelo Alemán, a CryptoQuant contributor, observed: “Bitcoin is in an accumulation phase. If liquidity continues to expand, BTC could set new records before the year ends.”

The latest Bitcoin price action above key resistance, coupled with Elliott Wave confirmation, suggests that the bearish chapter may be fading. Whether BTC can break through $124K will depend on institutional inflows, macroeconomic stability, and investor conviction.

Bitcoin (BTC) was trading at around $113,771, up 1.74% in the last 24 hours at press time. Source: Bitcoin Price via Brave New Coin

For now, the combination of technical strength and supportive fundamentals leaves the Bitcoin price prediction leaning bullish — with traders closely watching if the world’s largest cryptocurrency is ready to embark on its next leg higher.