š $BTC towards $120k: Is a breakout imminent or a trap?
I have been analyzing the price action of Bitcoin on a weekly timeframe, and the conclusions are clear. I share my technical outlook on whatās coming in the next few months:
1ļøā£ The Victory Channel š
Bitcoin continues to perfectly respect a long-term ascending channel. As long as we stay above the key support at $86,223, the bullish structure remains intact. We are in a healthy consolidation phase, not exhaustion.
2ļøā£ The RSI is "breathing" šØ
The most interesting part: while the price remains at high levels ($89k), the RSI indicator has already dropped to the 45-50 range. What does this mean? That the market has cleared the excess euphoria (overbought) without the need for the price to collapse. We have plenty of "fuel" for the next impulse.
3ļøā£ Target: Liquidity at $120,000 šÆ
I have marked a "Weak High" near $130k. Institutional trading seeks liquidity, and that level is a magnet for the price. My projection points to a rally towards the $120k area (red box), followed by a psychological test at $100k before looking for the upper part of the channel.
Summary: Technical fundamentals indicate that "Smart Money" continues to accumulate. The support at $86k is our line of defense; as long as it holds, the path to six digits is clear. šš
What do you all think? Do we see $100k this quarter or are we waiting for a deeper retest? I look forward to hearing from you in the comments. š
#bitcoin #smartmoney #Crypto2026to2030
