Bitcoin (BTC) Price Prediction: Bitcoin Could Hit $135K in August If This Pattern Holds

With on-chain metrics showing rising accumulation and technicals flashing green, investors are closely watching whether Bitcoin can sustain this climb or face another consolidation phase.

As of August 5, Bitcoin’s price today is hovering around $114,360, following a slight intraday dip of 0.2%. According to CoinMarketCap, the crypto giant commands a market capitalization of $2.27 trillion, with daily trading volume rising over 13% to $54.39 billion. Despite the minor decline, the overall Bitcoin technical analysis shows resilience.

Bitcoin (BTC) was trading at around $114,360, down 0.26% in the last 24 hours at press time. Source: Bitcoin Liquid Index (BLX) via Brave New Coin

Recent data reveals that Bitcoin (BTC) rebounded off its 50-day simple moving average, gaining nearly 1% during the mid-New York session on Monday. This suggests BTC is still attempting to reclaim midterm bullish sentiment. Analysts also note a possible breakout above $115,000, which may open the path toward $117,800 and eventually a retest of its all-time high (ATH) near $122,296 reached in mid-July.

Bitcoin’s volume profile shows support at $118K and low activity near $110K–$112K, indicating a possible pullback before rising to $124K. Source: Crypto Raven via X

However, a short-term pullback remains on the table. Analyst Crypto Raven notes that Bitcoin could dip to $110,000–$112,000 before bouncing. “This range could act as a springboard toward $124,000 if momentum holds,” he stated. Raven’s prediction is anchored in volume profile analysis, identifying high activity zones that often serve as price magnets.

One of the most influential forces driving the Bitcoin price prediction is growing optimism around macroeconomic policy. According to the CME FedWatch Tool, 87% of investors expect the Federal Reserve to cut interest rates by 25 basis points in September, bringing the rate to the 4.00–4.25% range.

Bitcoin’s retracement to $113K sparked a swing trade signal, with $135K possible if momentum holds, but breaking $123K could raise correction risks. Source: MarcPMarkets on TradingView

This would mark the first rate cut since December 2024, typically seen as a risk-on signal for markets. A Federal Reserve rate cut typically weakens the U.S. dollar, which often increases demand for inflation hedges such as Bitcoin. Historical trends show that Bitcoin often rallies in the lead-up to such announcements, as traders price in the effect before the official decision.

Another boost comes from rising institutional accumulation. This week, The Smarter Web Company added 225 BTC to its holdings, bringing its total to 2,050 BTC. This adds to a larger trend; Bitcoin treasury holdings increased by 4.4% in the last 30 days, with on-chain data from CryptoQuant showing over 160,000 BTC accumulated in the same period.

Despite the short-term noise, long-term investors remain confident in Bitcoin’s trajectory. On-chain data reveals that Satoshi-era whale addresses have become more active, coinciding with increased buying from large entities. This behavior signals that while retail traders may be cautious, Bitcoin whales are doubling down, viewing BTC as a reliable hedge against inflation and economic instability.

Bitcoin typically sets monthly highs or lows early, and the current $116K high is unlikely to hold due to an unusually small wick. Source: @DaanCrypto via X

“Most likely, we will see a big move this month,” noted analyst Daan Crypto, adding that price dips at the start of a month are typical before upside continuation. The BTC funding rate has also remained positive since mid-July, a bullish sign that traders are willing to pay to keep long positions open.

With Bitcoin ETF news, interest rate speculation, and increasing whale accumulation aligning, August could become a pivotal month for BTC. A sustained move above $115,000 could trigger the next leg toward $124,000, while breaking that resistance could see Bitcoin approach $135,000 by month’s end—if current patterns hold.

While volatility is expected, the broader trend remains positive. Analysts continue to emphasize that Bitcoin’s long-term outlook remains bullish, particularly as institutional involvement grows and macroeconomic conditions turn favorable.