Bitcoin’s price is demonstrating renewed strength as it recently broke out of a downtrend, raising hopes for further gains in the coming weeks. Following a successful retest of a key support level, analysts are optimistic about a significant trend reversal that may pave the way for an upward trajectory.
In a detailed analysis on TradingView, it was reported that Bitcoin (BTC) managed to surpass its previous resistance and effectively retested the $115,000 mark as newfound support. This particular “breakout + retest” pattern is viewed as a classic bullish signal in technical analysis, indicating a shift from bearish to bullish momentum.
Having confirmed the trend reversal, Bitcoin is now eyeing resistance levels of $117,200, $119,400, and $123,000. Analysts have suggested that as long as BTC remains above the $115,000 support level, the bullish outlook holds. A daily close below this threshold, however, could invalidate the current setup and trigger a potential downturn.
With broader market conditions hinting at increased volatility in the upcoming week, traders are anticipating sharp price movements before September draws to a close. Forecasts indicate a feasible climb towards the $120,000–$123,000 range, contingent upon sustained buying pressure. Nevertheless, traders are urged to closely monitor trading volume and the order book data, as insufficient buying activity could pose risks of a pullback.
Additionally, macroeconomic factors are playing a significant role in influencing Bitcoin’s price dynamics. The Federal Open Market Committee (FOMC) is scheduled to convene soon, with expectations of a 25-basis-point rate cut. A recent Reuters poll highlighted that 61% of economists anticipate that Federal Reserve Chair Jerome Powell will focus on inflation risks despite softer labor market data, which reported 2.9% inflation and a 4.3% unemployment rate in August.
Bitcoin currently exhibits substantial liquidity in the $108,000–$112,000 range, but the upcoming FOMC meeting could lead to fluctuations in sentiment and potentially a liquidity sweep downward if market attitudes shift towards a risk-off approach.
In terms of long-term price predictions, market analysts are largely optimistic. They cite technical patterns, such as a bullish engulfing candlestick formation that is likely to materialize in September, which has historically boasted a 68% success rate in confirming major reversals when accompanied by robust trading volume.
As of the latest reports, Bitcoin was trading at approximately $115,928, reflecting a 0.89% gain in the past 24 hours. Standard Chartered has reiterated its projections for aggressive rate cuts, and Bitcoin’s market capitalization recently surged by $110 billion as the cryptocurrency peaked at $116,000 on September 12, 2025. Should the current momentum persist, enthusiasts speculate that Bitcoin might not only retest its all-time high but could also be on track for ambitious long-term targets, with projections of reaching $1 million by the close of the decade.
