Bitcoin is trading just below a crucial resistance level after multiple failed daily close attempts. Analyst Crypto Patel says a daily close confirmation will decide the next move.
$120K Emerges as Bitcoin’s Make-or-Break Level
In a post on X, Crypto Patel described $120,000 as a decisive level for Bitcoin, noting that a close above it could open the path toward $150,000.
However, he noted that a failure to break through may lead to a drop to $111,000 and even to $100,883. He pointed to repeated daily close rejections at this price zone as evidence of its strength as resistance.
Notably, Bitcoin recorded an all-time high of $123,000 on July 14 after recovering from a major move below $100,000 in June. However, following the resistance at $123K, BTC declined to $111,943 on August 3 before settling at its current price. The $120K zone has now capped price advances since late July. Multiple daily candles have touched or neared the level between July and August without closing above it.
As of this press, Bitcoin is trading at $119,932, a 1% gain in the past day, increasing its weekly run to 5.1%. From the daily chart shared by the analyst, Bitcoin reached a high of $120,146.6, falling just short of the marked resistance at $120,264.
Other Analysts Predict Next Bitcoin Move
Meanwhile, a chart shared by crypto expert Crypto Rover shows Bitcoin is flashing a strong bullish signal after completing and confirming an inverse head and shoulders pattern on the daily chart, with the neckline in the $110,000–$113,000 range now acting as key support.
Following a breakout in late July and a successful retest in early August, the price has rebounded to the current price. Technical projections pointed towards the $130,000 level if momentum continues, a price analyst Jelle earlier predicted. Crypto Rover is super bullish on Bitcoin’s trajectory, which could see Bitcoin reaching a new all-time high if it clears resistance at $121,500–$123,000.
Bull Flag Breakout Signals Further Upside Potential
Also, Bitcoin has confirmed a bullish breakout after daily closing above the top of a multi-week bull flag and flipping the $117,800–$118,300 zone into support. Analyst Rekt Capital highlighted that BTC has also logged its first-ever daily close above the $120,000 level, positioning the price for a potentially volatile retest of this key psychological and technical threshold.
A sustained hold above $120,000 will likely open the door toward $123,000–$125,000, while failure to defend the $118,000 support could risk invalidating the breakout.
Interestingly, XForce Global had earlier pointed to a possible short-term Bitcoin pullback after a 5-wave impulse from $112K to $122K, but keeps a bullish outlook. He noted that Bitcoin holding above the $115,000 could set up a rally past $121K–$123.5K toward $140K–$148K in a larger wave three. Notably, his prediction is similar to analyst CrediBULL’s $150,000 projection.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
