Why Bitcoin will slingshot to $130,000 by August

Bitcoin’s (BTC) technical indicators suggest the maiden digital currency is likely to hit a new all-time high of around $130,000 in the coming weeks.

This comes as Bitcoin attempts to reclaim the $110,000 level, which has acted as a major resistance point in recent sessions. As of press time, BTC was trading at $108,118, up 0.5% in the past 24 hours and nearly 1% over the past week.

For the price outlook, analysis by TradingShot, in a TradingView post on July 5, highlighted that Bitcoin is flashing a strong bullish signal after completing a golden cross on the four-hour chart.

The cryptocurrency is now holding above its four-hour 50-period moving average (MA), a key support level that, if maintained, could fuel a sharp rally.

According to TradingShot, the current setup mirrors Bitcoin’s April–May rally, when a similar channel up pattern peaked near the 2.618 Fibonacci extension. The fractal shows the same series of lower highs, eventually broken by a strong upward move.

The analysis suggests Bitcoin is testing its final resistance, similar to the April 21 breakout. If the pattern holds, TradingShot projects BTC could reach $130,000 by early August, aligning with the 2.618 Fibonacci level.

Bitcoin’s key price levels to watch

On the other hand, analysis by Ali Martinez in an X post on July 5 identified key price levels to watch. He noted that investors should keep an eye on $106,738 and $98,566.

This is based on the latest In/Out of the Money Around Price analysis, which shows strong buyer interest concentrated in these two ranges, where significant numbers of addresses previously accumulated BTC.

Currently, Bitcoin trades around $108,000, with approximately 1.64 million addresses holding positions at or near $106,738. Below that, another cluster of 1.71 million addresses is positioned near $98,566, providing additional support.

On-chain data shows 89.36% of BTC holders are still “in the money,” highlighting resilience despite volatility, while just 10.36% are underwater. If Bitcoin falls further, two key demand zones could help cushion the downside and spark a rebound.

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