Bitcoin News Today: Bitcoin Weekly Close Above $119,200 Triggers Bullish Outlook, Analysts Predict 3% Gains Toward All-Time High

Bitcoin's recent bullish momentum has sparked renewed optimism among analysts, with several forecasts suggesting substantial price increases following a critical weekly close. A key threshold for sustaining upward trends was identified by Rekt Capital, who noted that a weekly close above $119,200 could trigger a breakout from a “bull flag” chart pattern [1]. This level, which Bitcoin surpassed at $119,466 on Coinbase, may solidify as support through a potential retest in the coming week [1]. Analysts caution that maintaining these levels is crucial for validating the bullish trend, particularly as the asset remains less than 3% away from its all-time high of $119,754, achieved intraday on Sunday [2].

Technical analysts have outlined multiple potential price trajectories. Rekt Capital emphasized that Bitcoin must avoid an upside wick beyond the bull flag pattern to maintain momentum [1]. Meanwhile, CrypNeuvo highlighted a large liquidation cluster at $113,800 as a mid-term target, suggesting a possible pullback to $114,500–$113,600 if the $114,300 CME gap is filled [2]. Nunya Bizniz proposed a more aggressive scenario, forecasting a potential surge to $164,000 before a retest of $109,000 should historical chart patterns repeat [3]. These projections underscore the market’s sensitivity to both technical and macroeconomic factors, including upcoming U.S. inflation reports, central bank rate decisions, and trade tariff deadlines [2].

Longer-term predictions from analysts add to the bullish narrative. Wallet Investor projected Bitcoin could reach $103,675 within a year and $196,072 over five years, citing historical performance and macroeconomic tailwinds [4]. A separate forecast, attributed to unnamed analysts, warned of an even sharper rise to $300,000 before a potential market correction [5]. While these estimates vary widely, they reflect a consensus on Bitcoin’s upward trajectory, driven by limited supply dynamics and growing institutional adoption [6].

Technical indicators further reinforce the bullish outlook. Bitcoin’s resilience near $120,000 has been bolstered by a rising channel suggesting resistance at $124,000 could be tested [7]. However, analysts caution that a pullback to $112,000 might precede the next breakout, emphasizing the importance of maintaining key support levels [8]. The recent EU tariff deal also temporarily lifted risk sentiment, pushing Bitcoin to $120,000 [7].

Despite these optimistic forecasts, risks persist. A failure to hold above critical thresholds could trigger a decline, as seen in earlier warnings about dips toward $112,000 [8]. Nevertheless, historical patterns, such as past halving events, are frequently cited to justify expectations of a new all-time high [10]. The interplay of reduced supply, institutional interest, and macroeconomic shifts creates a “perfect storm” for Bitcoin’s price action, though volatility remains a defining characteristic of the market [9].

Sources:

[1] [Big Bitcoin Upsides Predicted After Bullish Weekly Close](https://coinmarketcap.com/community/articles/6887168a78438064d2065c4a/)

[2] [Big Bitcoin Upsides Predicted After Bullish Weekly Close](https://coinmarketcap.com/community/articles/6887168a78438064d2065c4a/)

[3] [Big Bitcoin Upsides Predicted After Bullish Weekly Close](https://coinmarketcap.com/community/articles/6887168a78438064d2065c4a/)

[4] [Bitcoin (BTC) Price Prediction 2025 2026 2027 - 2030](https://changelly.com/blog/bitcoin-price-prediction/)

[5] [Bitcoin to $300000? Traders warn of massive surge before ...](http://m.economictimes.com/news/international/bitcoin-to-300000-traders-warn-of-massive-surge-before-next-great-depression-hits/articleshow/122927734.cms)

[6] [3 Reasons the Bitcoin Surge Isn’t Over](https://www.theglobeandmail.com/investing/markets/stocks/GS-N/pressreleases/33673620/3-reasons-the-bitcoin-surge-isn-t-over/)

[7] [Bitcoin Zooms to $120K, ETH Nears $4K as Trump's EU ...](https://www.coindesk.com/markets/2025/07/28/bitcoin-zooms-to-usd120k-eth-nears-usd4k-as-trump-s-eu-tariff-deal-lifts-risk-sentiment)

[8] [Bitcoin Price Prediction: Why BTC Might Hit $112K Before ...](https://www.mitrade.com/insights/news/live-news/article-3-989975-20250727)

[9] [Bitcoin News Today and BTC Predictions](https://cointelegraph.com/tags/bitcoin)

[10] [3 Reasons the Bitcoin Surge Isn’t Over](https://www.theglobeandmail.com/investing/markets/stocks/GS-N/pressreleases/33673620/3-reasons-the-bitcoin-surge-isn-t-over/)