Bitcoin News Today: Bitcoin's $117K Crucible: The Key to $145K Surge?

Bitcoin's next "explosive" move has sparked intense debate among analysts, with projections ranging from $120,000 to $165,000 as technical and macroeconomic factors align to fuel bullish sentiment. Recent price action confirms a breakout from a bull flag pattern on the 1-hour chart, with momentum shifting decisively in favor of the bulls. MaxFINEancial's analysis highlights a green double bottom forming within the flag, suggesting a continuation of the upward trend. The 1-hour 200-day moving average (EMA) has become a critical support level, and a retest above it could propel Bitcoin toward $113,700 and beyond. However, a rare diamond top pattern remains a bearish risk, with a potential downside target at $103,079 if the trend reversesMaxFINEancial on X^[1].

Key resistance levels are in focus as Bitcoin consolidates near $110,000 on the 4-hour chart. Market analyst A_y identifies an ascending triangle formation, where rising lows against horizontal resistance often precede strong breakouts. A successful breach above $110,000 could accelerate the price toward $112,000–$114,000, while a failure to clear this ceiling may trigger a pullback to $104,000A_y on X^[2]. Meanwhile, the Relative Strength Index (RSI) remains neutral at 54, and the MACD bullish crossover hints at building momentum, though Bitcoin still trades below the EMA, requiring a sustained push to confirm a breakoutMaxFINEancial on X^[3].

Technical indicators and on-chain data further underscore the potential for a sustained rally. The bull flag pattern on the daily chart, confirmed by a breakout above trendline resistance, suggests a 50% price increase-translating to a $165,000 target if the pattern unfolds fully. A more conservative estimate places the target between $140,000 and $150,000ICObench^[4]. This projection aligns with Kitco's analysis, which forecasts Bitcoin reaching $124,000 in October and a potential blow-off top near $150,000 by November. The firm attributes this to Bitcoin's rising dominance over altcoins, with Bitcoin dominance (BTC.D) consolidating within the daily TBO Cloud and projected to peak near 61% as the price approaches all-time highsKitco^[5].

Macroeconomic factors also play a pivotal role. The Federal Reserve's anticipated rate cuts in September and October have bolstered risk-on sentiment, with over 90% probability priced into the market for a September cut. This dovish backdrop, combined with a weakening U.S. dollar index (DXY) and surging ETF inflows (over $1 billion this week), has driven renewed demand for Bitcoin as a hedge against inflation and economic uncertaintyCointelegraph^[6]. The recent reactivation of dormant Bitcoin wallets-worth $108.5 million-further signals long-term investor confidence, with technical support levels forming around $117,000 as a critical thresholdXT.com^[7].

However, risks remain. A red Coinbase Premium Index has raised concerns about speculative buying, while low trading volumes on the 1-hour chart suggest caution among traders. Analysts like Roman warn that without sustained volume, the rally could stall, with Ethereum and other altcoins potentially correcting before Bitcoin resumes its ascent. Additionally, the CME gap between $117,000 and $119,000 remains an open question, with some traders anticipating a fill to test support at $117,000Cointelegraph^[8].

In summary, Bitcoin's trajectory hinges on its ability to sustain momentum above $117,000 and validate its bullish technical patterns. While projections of $145,000 are not explicitly cited in the provided content, the synthesis of $150,000 (Kitco) and $165,000 (ICObench) targets implies a mid-range scenario of $145,000 as a plausible outcome. The interplay of technical resilience, macroeconomic tailwinds, and institutional demand positions Bitcoin for a potential surge, though market volatility and derivative positioning highlight the need for cautionKitco^[9].