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Bitcoin Price Prediction: $120K Uptober Rally Sparks Bullish Momentum but Bearish Pattern Looms

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Bitcoin surged to $120,132 on Thursday, marking its highest degree in seven weeks as October’s “Uptober” rally gathered steam. The cryptocurrency gained 4% in 24 hours, breaking by means of resistance at $117,500 and urgent towards the symbolic $120,000 mark.

At this degree, Bitcoin’s market capitalization rose to $2.37 trillion, surpassing Amazon’s worth, whereas the broader crypto market swelled to $4.16 trillion.

The rally spilled into altcoins, with Ethereum, Solana, Cardano, and Dogecoin climbing 5–6% in sympathy. Analysts level to expectations of Federal Reserve fee cuts as a key driver. Softer U.S. labor information has fueled hypothesis that policymakers might ease financial situations later this month, boosting Bitcoin’s enchantment as a hedge towards financial uncertainty.

October has traditionally been considered one of Bitcoin’s strongest months, and merchants are betting the development might proceed. Breaking decisively above $120,000 would open the door for one more leg increased, doubtlessly towards all-time highs if momentum holds.

CME Plans 24/7 Futures by 2026

Adding to the optimism, the CME Group introduced plans to launch 24/7 buying and selling for Bitcoin and Ethereum futures and choices by early 2026, pending regulatory approval. Currently, CME halts crypto futures buying and selling over weekends, a mismatch with world markets that function 24/7.

The shift is designed to satisfy rising institutional demand for steady danger administration. Tim McCourt, CME’s world head of equities and various merchandise, stated the transfer ought to improve market effectivity, cut back arbitrage gaps, and strengthen liquidity.

Analysts imagine it will cement Bitcoin’s function in mainstream finance, encouraging extra hedge funds and asset managers to take part. Institutional adoption has lengthy been a catalyst for Bitcoin value progress.

By aligning with the 24/7 nature of digital belongings, CME might speed up that development and supply recent liquidity for each spot and derivatives markets.

Sweden Weighs Bitcoin Reserve, Bearish Pattern Emerges

Meanwhile, Sweden is contemplating becoming a member of the ranks of countries exploring Bitcoin reserves. Lawmakers Dennis Dioukarev and David Perez have proposed a nationwide reserve constructed from seized Bitcoin, arguing it might shield the nation from inflation and geopolitical dangers.

The thought aligns with broader worldwide discussions, with the U.S. additionally analyzing Bitcoin’s function as a strategic asset.

A nationwide Bitcoin reserve in Sweden might set a precedent throughout Europe, reinforcing the asset’s credibility and doubtlessly sparking new institutional inflows.

Bitcoin Price Chart – Source: Tradingview

From a technical perspective, nonetheless, warning stays warranted. Bitcoin’s present rally is forming a Bearish Butterfly sample, with the Potential Reversal Zone (PRZ) projected between $128,000 and $130,000. While momentum stays bullish within the brief time period, this harmonic construction warns of potential promoting stress at increased ranges.

  • Support ranges: $117,000, $113,500, $106,900
  • Resistance targets: $124,600, $128,000–$130,000 (PRZ)

A clear breakout above $124,600 might pave the best way towards the PRZ, but overbought RSI situations counsel the danger of a pullback will increase the nearer Bitcoin will get to $130,000. A failure to carry $117,000 might expose deeper helps at $113,500 and $106,900.

For merchants, the outlook is evident: Uptober momentum is powerful, institutional demand is rising, and world coverage shifts are supportive. But the technical image advises warning at increased ranges, because the rally nears a zone the place profit-taking might emerge.

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The put up Bitcoin Price Prediction: $120K Uptober Rally Sparks Bullish Momentum but Bearish Pattern Looms appeared first on Cryptonews.

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