Bitcoin Price Prediction: BTC Hits $114K as Traders Eye $120K Breakout; Uptober Rally Heats Up
Bitcoin trades at $114,423 with a daily volume of $62.2 billion, up 3.62% in the last 24 hours. The world’s largest cryptocurrency has broken through key resistance levels, reigniting optimism for the long-awaited “Uptober” rally.
Analysts suggest that this rebound could signal the beginning of a broader uptrend, driven by institutional accumulation and technical strength.
Uptober Hopes Lift Sentiment
Bitcoin’s surge above $114,000 came after a sharp two-day surge of 4.5%, reversing last week’s sell-off. Analysts attribute the earlier dip to leveraged long positions being unwound—a reset that often strengthens market foundations for future rallies.
On-chain data indicates that more Bitcoin is leaving exchanges than arriving, a sign of accumulation and reduced selling pressure. Funding rates have also cooled, signaling a healthier backdrop for sustainable growth.
Traders remain cautious about a CME gap near $111,300 that could drag prices lower before the next breakout, though historically these pullbacks have been short-lived. Market watchers say a decisive close above $115,000 would confirm bullish momentum heading into the final quarter.
Exchange outflows highlight investor accumulation. Funding rates cooling signals less speculative leverage. The key breakout level is situated near $115,000.Institutions Double Down
Institutional conviction remains firm. Michael Saylor’s Strategy Inc., the largest public holder of Bitcoin, added another 196 BTC worth $22.1 million at an average of $113,048 during last week’s dip. This brings its total holdings to 640,031 BTC, valued at over $47 billion.
While Strategy’s stock (MSTR) fell to a six-month low of $300.7 amid Bitcoin’s volatility, its long-term performance remains extraordinary—up 96% in the past year and more than 2,000% over five years. Saylor continues to champion Bitcoin’s role as a reserve asset, projecting stronger institutional adoption into year-end.
Bitcoin (BTC/USD) Technical Outlook Points Higher
From a technical perspective, the BTC/USD has staged a breakout from a descending channel that capped prices through mid-September. The rally cleared both the 50- and 100-period SMAs, with $114,000 now serving as near-term support. The move resembles a bullish flag breakout, often a continuation signal in rising markets.
The RSI has spiked to 83, signaling overbought conditions, yet this also underscores the strength behind the rally. If bulls maintain control, the next targets are $116,150 and $117,850, with a potential push toward $120,000. A brief consolidation near $114,741 would be healthy, allowing momentum to reset before higher moves.
Bitcoin Price Chart – Source: TradingviewDownside risks remain limited unless support at $113,000 and $112,600 is lost, which could reopen a path toward $110,350 and $108,700.
For traders, a sustained close above $114,700 supports long entries with upside targets at $116,150 and $117,850. Stops can be placed just below $112,600 to manage risk. With technicals improving and institutional faith intact, Bitcoin’s rally could set the tone for Ethereum, XRP, and Solana, each positioned to follow higher in Q4.
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Click Here to Participate in the PresaleThe post Bitcoin Price Prediction: BTC Hits $114K as Traders Eye $120K Breakout; Uptober Rally Heats Up appeared first on Cryptonews.
