Bitcoin Price Hits $120K, Is Citigroup’s Bold Q4 Prediction in Motion?

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Bitcoin breaks out to $120K during Q4 rally as Citigroup forecast draws attention

Highlights

  • Bitcoin price confirmed a double bottom near $98K before breaking the $111K neckline.
  • BTC hit $120K, breaking out of a descending channel that capped price since July.
  • Citigroup projects a $231K bull case, supported by structural and adoption-driven growth scenarios.

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. 

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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.

Bitcoin Price Action
BTC/USD 1-Day Chart (Source: TradingView)
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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.

 

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Frequently Asked Questions (FAQs)

1. What chart pattern supported the latest Bitcoin breakout?

A double bottom near $98K confirmed by a neckline break at $111K supported the breakout.

2. How does channel breakout analysis strengthen the bullish outlook?

The breakout ended months of consolidation, flipping resistance into support and opening higher targets.

3. How does Citigroup structure its Bitcoin outlook?

Citigroup uses a bull, base, and bear case framework, reflecting different adoption and market growth scenarios.
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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.