Weekly forecast: Bitcoin enters price discovery, targets $120K next
Bitcoin hits new all-time high near $117,800 on Fed rate cut hopes
Bitcoin surged to a fresh all-time high near $117,800 on Saturday, extending its rapid climb in the face of strong institutional inflows and renewed investor risk appetite.
As of Thursday, spot Bitcoin ETFs registered $1.69 billion in weekly inflows, reflecting growing interest from corporate treasuries and asset managers. The rally comes amid increased speculation that the Federal Reserve may begin cutting interest rates as early as July, based on the latest FOMC meeting minutes. This dovish pivot helped shift markets into a risk-on stance, lifting both equity and crypto markets higher. On-chain data further supports this bullish view, with minimal selling activity suggesting that investors are holding in anticipation of further gains.
Fed minutes trigger breakout above consolidation zone
Bitcoin’s price action throughout the week reflected a period of quiet consolidation before a breakout sparked by the Fed’s policy tone. After closing at $109,203 last Sunday, BTC traded sideways until Wednesday’s U.S. session. The release of the Fed’s June meeting minutes revealed growing internal support for a rate cut, providing the trigger for BTC to smash through resistance and climb into uncharted territory.
Bitcoin price chart. Source: CoinMarketCap
A brief statement by President Donald Trump on Truth Social—celebrating record highs in crypto and calling on the Fed to “rapidly lower” interest rates—further bolstered confidence. By Thursday, Bitcoin reached $116,868 and continued climbing into the weekend, confirming bullish momentum across the broader market.
Bitcoin forecast: price discovery eyes $120K but risks remain
As of Saturday, Bitcoin is trading around $117,600 and remains in price discovery mode, with the next key milestone at the psychological $120,000 level. Technical indicators suggest continued bullish momentum, with the daily Relative Strength Index (RSI) sitting at 73, above the overbought threshold. While this signals strength, it also raises the risk of a near-term pullback or consolidation. The MACD indicator, however, confirms a bullish crossover and sustained green bars above the neutral line, which typically supports upward continuation. If momentum holds, Bitcoin could test $120,000 early next week—but traders should monitor closely for signs of exhaustion or profit-taking amid elevated prices.
Recently we wrote that Bitcoin [BTC/USD] price has delivered an impressive performance this week, extending its winning streak to a fourth straight day on Friday, July 11.
