Bitcoin News Today: Bitcoin Plunges 34% to $118K After $180K Peak, Analysts Predict $200K If Support Holds

Bitcoin’s price has retreated to approximately $118,000 following a peak above $180,000, with market analysts from COINOTAG maintaining a bullish outlook for a potential $200,000 target if key support levels hold [1]. The cryptocurrency’s recent correction is being viewed as a consolidation phase within a broader ascending trend, characterized by a “staircase” market structure marked by successive higher highs and higher lows [1]. This pattern, observed since 2021, underscores Bitcoin’s resilience amid periodic pullbacks, such as the decline from $69,000 in 2021 to a 2022 low near $16,000, before resuming its upward trajectory [1].

Technical analysts emphasize that Bitcoin’s current behavior aligns with historical bull cycles, where corrections act as temporary pauses before renewed upward momentum. The recent $62,000 drawdown from the $180,000 peak fits this narrative, reinforcing the idea that the decline is a natural reset rather than a reversal of the long-term trend [1]. Support zones at previous resistance levels—now acting as critical floors—are seen as foundational for Bitcoin’s next phase of gains. COINOTAG analysts highlight that sustaining these levels would validate the continuation of the bull cycle and increase the likelihood of a push toward $200,000 [1].

The transition into a “markup phase” is a pivotal development for Bitcoin, typically preceding rapid price surges toward cycle highs. If the current support structure remains intact, the cryptocurrency is positioned to accelerate into this phase, driven by heightened buying pressure and expanded market participation [1]. The $200,000 target is not speculative but grounded in historical cycle analysis and technical indicators that have reliably predicted prior movements. This projection aligns with Bitcoin’s established pattern of reaching psychological milestones, such as the $100,000 threshold, which catalyzed a subsequent rally [1].

Market sentiment remains cautiously optimistic, with many traders interpreting the consolidation as an opportunity to accumulate positions ahead of a potential final leg up. On-chain data and volume patterns suggest sustained institutional and retail interest, even as volatility persists [1]. Investors are urged to monitor key support levels closely, as their integrity will determine whether the bullish trajectory continues. Strategic risk management, including stop-loss orders and diversified exposure, is recommended to mitigate potential downturns [1].

COINOTAG analysts stress that Bitcoin’s trajectory reflects a well-defined bull market structure, with historical parallels to past cycles indicating a strong probability of achieving the $200,000 milestone. The preservation of support levels and the maintenance of the staircase pattern reinforce this outlook, offering investors a data-driven framework to navigate the approaching markup phase [1].

Source: [1] [Bitcoin Near $118K After $180K Peak, Analysts See Potential for $200K If Support Holds July 23, 2025] [https://en.coinotag.com/bitcoin-near-118k-after-180k-peak-analysts-see-potential-for-200k-if-support-holds/]