Bitcoin News Today: Bitcoin hovers near $118,360 as analysts split on July 24 support tests eye $200K target

Generated by AI AgentCoin World
Thursday, Jul 24, 2025 12:01 pm ET1min read
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Aime RobotAime Summary

- Bitcoin hovered near $118,360 as analysts split on July 24 support tests, with key levels at $117,465 and $119,482 critical for directional clarity.

- Bullish forecasts include Tom Lee's $200K target and CoinCentral's BTC/JPY triangle pattern, while bearish risks warn of declines toward $112,000.

- Market consolidation between $116,000-$120,000 intensified, with Fed policy clarity and crypto Fear & Greed Index trends influencing next moves.

- Long-term projections emphasize gradual growth to $139,930 by 2030, contrasting short-term volatility and caution around immediate price surges.

Bitcoin (BTC) trading dynamics heading into July 24 have sparked divergent interpretations among analysts, with technical indicators painting a nuanced picture of potential price movements. At press time,

Bitcoin
hovered near $118,360, consolidating after a recent peak of $123,218 [1]. CoinStats highlighted a correction phase in the market, noting that BTC on hourly charts approached a critical support level of $117,465. Analysts warned that failure to reclaim this threshold could push the price closer to $117,000 by July 24, with a deeper breakdown beyond $115,226 remaining a risk on longer timeframes [1].

Mid-term technical analysis suggests a bearish bias. BTC has rebounded from resistance at $119,482, but a close below this level could trigger a decline toward $112,000 [1]. Conversely, bullish signals emerged from alternative perspectives. Millionaire analyst Tom Lee forecasted a $200,000 target, citing strong technical indicators suggesting a potential breakout [4]. Meanwhile, CoinCentral identified a “descending triangle” pattern in BTC/JPY trading, which could signal a bullish move if Federal Reserve rate-cut expectations intensify [2].

Market sentiment remains fragmented. The sideways consolidation between $116,000 and $120,000 has intensified as bulls and bears test key levels, with the July 24 timeframe critical for determining the next directional move [6]. Bitcoin’s volatility was underscored by a week-long high above $123,000 before retreating to $118,000 [5]. A rebound is anticipated if a bullish pattern forms, supported by a rising crypto Fear and Greed Index [8]. CoinCodex projected an average monthly price range of $118,485 to $139,956 for July, aligning with broader bullish expectations [3].

However, caution persists. Changelly’s long-term forecast notes a maximum BTC price of $120,035.99, with a gradual growth trajectory to $139,930.30 by 2030, emphasizing patience over immediate surges [3]. Thecryptobasic characterized the current phase as “sideways,” with traders awaiting macroeconomic clarity, particularly around Fed policy [6].

Sources: [1] [Bitcoin (BTC) Price Prediction for July 24](https://u.today/bitcoin-btc-price-prediction-for-july-24) [2] [Focus on Bitcoin-Yen's 'Descending Triangle'](https://www.coindesk.com/markets/2025/07/24/focus-on-bitcoin-yen-s-descending-triangle-as-fed-rate-cut-bets-rise) [3] [Bitcoin (BTC) Price Prediction 2025 2026 2030](https://changelly.com/blog/bitcoin-price-prediction/) [4] [Price Tests Support as Millionaire Analyst Eyes $200K Target](https://coincentral.com/bitcoin-btc-price-prediction-price-tests-support-as-millionaire-analyst-eyes-200k-target/) [5] [Dogecoin, Pi & Bitcoin – European Wrap 24 July](https://www.fxstreet.com/cryptocurrencies/news/cryptocurrencies-price-prediction-dogecoin-pi-bitcoin-european-wrap-24-july-202507241302) [6] [Bitcoin is Setting for the Next Big Move](https://thecryptobasic.com/2025/07/24/bitcoin-is-setting-for-the-next-big-move-top-analyst-says/) [8] [Bitcoin Price Prediction: BTC Hovers at $117,550](https://www.banklesstimes.com/articles/2025/07/24/bitcoin-price-prediction-as-crypto-fear-and-greed-index-rises/)