Bitcoin Price Hits $120K Ahead of Q4 — Can Citigroup’s Forecast Hold Up?

Bitcoin price has recently surged to the $120K mark, reclaiming momentum and sparking fresh optimism across the market. The breakout highlights growing technical strength after weeks of consolidation, with BTC price showing resilience near crucial zones. Adding to this, Citigroup has outlined an ambitious projection, signaling the potential for significant upside in the months ahead. 

Bitcoin Price Action: From Double Bottom To Channel Breakout

The current Bitcoin market price trades at around $119,917 after hitting the $120K threshold for the first time in two months. A clear double bottom pattern was established, with the first trough forming in late August near $97,800 and the second in late September around $98,200. 

At the same time, Bitcoin broke out of the descending channel that had restricted price action since mid-July, signaling the end of consolidation.  Following the breakout, BTC moved decisively past $119,328, which had acted as resistance since mid-July, flipping it into new support. 

The breakout also completed a channel reversal, ending the period of consolidation that had capped rallies for weeks. With this shift, Fibonacci extensions project the next potential upside targets at $125,895 and $136,520, where supply could emerge. 

Shorter-term consolidation is now expected above the $119,000 area, which serves as an immediate pivot for trend continuation. Should this zone hold, price structure favors progression toward the higher levels already highlighted.

Therefore, the confirmed double bottom and neckline break provide technical grounds that align with long-term BTC price prediction for significantly higher valuations.

Citigroup’s $231K Bull Case: Is The Projection Realistic?

Citigroup recently issued a forecast placing Bitcoin price at $231,000 within the next twelve months as their bullish scenario. Alongside this, the bank identified a base case of $181,000 and a bear case closer to $82,000. 

Specifically, the projection highlights investor demand and growing institutional adoption as critical catalysts. Furthermore, Citigroup noted that BTC price is trading above historical statistical measures, hinting at reinforced market strength.

Meanwhile, they expect continued inflows from both institutional investors and financial advisors seeking exposure to digital assets. Notably, their research suggests Bitcoin could also achieve $132,000 by year-end, marking a potential all-time high. 

Additionally, billionaire Ray Dalio endorsed Bitcoin as ‘alternative money,’ even as profit-taking topped $3.7 billion during the $120K rally.” Therefore, whether through temporary profit-taking or renewed inflows, the broader picture continues to support a market advancing toward ambitious targets.

To sum up, Bitcoin price hitting $120K has reinforced the breakout narrative and revived confidence in further gains. The ambitious $231K scenario strengthens alongside these technical achievements above critical resistance zones. Meanwhile, institutional appetite and broader adoption trends support higher BTC price exploration. If current conditions persist, the long-term bullish case may unfold more decisively.