Bitcoin News Today: Bitcoin Nears Critical $121K Support as Analysts Predict 14.6% Surge to $135K by Year-End

Bitcoin’s recent price action has positioned the cryptocurrency in a favorable technical landscape, with analysts outlining two distinct scenarios for the week ahead. Following a surge to $118,000, Bitcoin appears to be consolidating within a critical support and resistance range, sparking optimism among bulls. A base-case forecast from a major bank suggests the asset could reach $135,000 by year-end, while a more aggressive scenario projects a potential climb to $199,000 [1]. These projections highlight the divided views on Bitcoin’s near-term potential, though both scenarios hinge on the ability to maintain key price levels.

Analysts emphasize that sustaining support above $121,000 could propel Bitcoin toward $123,500–$125,000 within 24 hours, underscoring the importance of short-term thresholds [4]. Institutional activity further reinforces bullish sentiment. Volcon Inc., a significant player in the crypto space, recently acquired 3,183 Bitcoin at an average price of $117,697, signaling growing confidence in the asset’s long-term resilience [5]. This move contrasts with traditional hedging strategies, reflecting a strategic decision to deepen exposure amid volatility.

Despite a 3% decline in Bitcoin’s price over the past 24 hours and a 7% drop from its June 14 record high, bearish narratives remain constrained. Analysts caution that the current pullback may not derail the broader uptrend, provided critical support levels hold [3]. The market’s bearish momentum has been tempered by strong demand, which analysts note is outpacing supply ahead of an anticipated August lull—a historically observed period of reduced trading activity [3].

Bitcoin’s performance continues to influence secondary cryptocurrencies, with traders observing increased correlation in the current market cycle [6]. However, the spotlight remains on Bitcoin’s technical setup. TradingView analysts suggest that a sustained hold above key levels could drive a continuation of the upward trend, though risks persist if the price fails to retest critical resistance [7]. This dynamic underscores the delicate balance between short-term volatility and long-term growth expectations.

The coming weeks will be pivotal in determining whether Bitcoin can sustain its upward momentum or face renewed downward pressure. Institutional investment, technical indicators, and macroeconomic factors will likely shape its trajectory. While bulls are bolstered by recent strength, bears remain wary of potential corrections. The outcome of these dynamics will not only dictate Bitcoin’s near-term price but also influence broader sentiment across the cryptocurrency ecosystem.

Sources:

[1] [Bitcoin to Hit $135K by Year-End in Base-Case Forecast - Citi](https://cryptoadventure.com/bitcoin-to-hit-135k-by-year-end-in-base-case-forecast-199k-in-bullish-scenario-citi/)

[2] [Bitcoin Bulls Take Charge: BTC Price Surges to $118K!](https://www.instagram.com/p/DMlKipuor5p/)

[3] [Bitcoin Demand Outstrips Supply Ahead of August Lull](https://cryptoadventure.com/bitcoin-demand-outstrips-supply-ahead-of-august-lull-crypto-daybook-americas/)

[4] [Bitcoin Price Prediction 2025, 2026- 2030: Can BTC...](https://coindcx.com/blog/price-predictions/bitcoin-price-weekly/)

[5] [Volcon Invests Heavily in Bitcoin Amid Market Peaks](https://m.economictimes.com/crypto-news-today-live-25-jul-2025/liveblog/122889124.cms)

[6] [Bitcoin price affects altcoins movement](https://www.facebook.com/groups/250968057873111/posts/782926394677272/)

[7] [Wave Analysis — Trading Ideas on Bitcoin](https://www.tradingview.com/ideas/waveanalysis/page-2/)