Bitcoin News Today: Bitcoin Hovers Near Key Trendline Amid Bullish Projections and 4% Pullback Concerns

Bitcoin has reached a critical long-term trendline, marking a pivotal moment for the cryptocurrency’s ongoing price action. This trendline, drawn across multiple macro cycles, has historically acted as both support and resistance, and its current alignment with Bitcoin’s price suggests a major inflection point [1]. The level has been reinforced by past bull market peaks and significant pullbacks, making it a key reference for traders and analysts as they assess the potential for further gains or a short-term correction [1].

Technically, Bitcoin’s price movement shows that it is currently hovering near this long-term trendline, with the weekly Relative Strength Index (RSI) indicating that the market may not yet be overbought. This suggests there could still be room for upward momentum before a potential pullback [1]. Traders are closely watching whether Bitcoin can break above this level with confirmation in volume, which could signal the start of a new bullish phase. Conversely, if the price fails to hold above the trendline, it may trigger a short-term correction, potentially shaking out less committed investors [1].

The current price environment aligns with a broader uptrend that began in early 2023, characterized by intermittent supply shocks followed by consolidation phases [5]. Bitcoin recently reached an all-time high of $124,000 in early August, with some reports citing a peak of $123,715 [5]. This has reinforced bullish sentiment among market participants, with some analysts projecting potential price targets in the range of $135,000 to $138,000 if the breakout confirms [4].

However, a recent 4% pullback has raised concerns about the sustainability of the current rally. While it could be interpreted as a normal correction within a larger uptrend, some experts are questioning whether it signals that Bitcoin is nearing the peak of its current cycle [7]. Analysts warn that a failure to break through a key supply zone could delay the next all-time high and prompt a consolidation phase before the next upward move [9].

Looking ahead, projections for Bitcoin remain highly optimistic. Major financial institutions such as AllianceBernstein and Standard Chartered have set a target of $200,000 for Bitcoin by the end of 2025 [2], while other analysts suggest even more ambitious targets, with some predicting the price could reach $210,000 [8], and even exceed $500,000 by 2030 [1]. These forecasts are primarily driven by Bitcoin’s capped supply model, growing institutional interest, and the potential for broader global adoption [1].

Despite these bullish projections, it is important to distinguish between actual price movements and analyst forecasts. While Bitcoin’s current position near its long-term trendline presents a significant technical opportunity, the actual trajectory will depend on on-chain data, market sentiment, and broader macroeconomic factors. Traders are advised to monitor weekly price closes and RSI behavior in the coming weeks as key indicators of the market’s next move [1].

Source:

[1] Bitcoin Hits Long-Term Trendline: What’s Next for BTC? (https://coinmarketcap.com/community/articles/689eea20ff2e395bd96c60dc/)

[2] Bitcoin Price Prediction: BTC to $200K by September (https://coincentral.com/bitcoin-price-prediction-btc-to-200k-by-september-experts-tip-xrp-solana-and-a-new-altcoin-to-lead-the-next-surge/)

[4] Bitcoin (BTC) Price Prediction: Hits $124K All-Time High (https://coincentral.com/bitcoin-btc-price-prediction-hits-124k-all-time-high-overtaking-google-in-market-cap/)

[5] Bitcoin (BTC) Price Hits All-Time High (https://www.ccn.com/analysis/crypto/bitcoin-btc-price-all-time-high-uptrend/)

[7] Bitcoin Price Slides 4% After Strong Rally – Correction or (https://www.mitrade.com/insights/news/live-news/article-3-1041562-20250815)

[8] Top Crypto Market Expert Shares XRP Price Prediction if (https://thecryptobasic.com/2025/08/15/top-crypto-market-expert-shares-xrp-price-prediction-if-bitcoin-hits-210000/)

[9] Bitcoin Fails to Break Above the Supply Zone Once Again (https://www.xt.com/en/blog/post/bitcoin-fails-to-break-above-the-supply-zone-once-again-btc-drops-to-118000)