Bitcoin's potential dip may reach $112,905 prior to again surpassing its $124,514 Fibonacci milestone
Bitcoin Stabilizes After Correction, Bullish Outlook Remains
In the cryptocurrency market, Bitcoin has been exhibiting a corrective move, according to the Elliott Wave labeling on the 30-minute chart. This move, marked by multiple sub-waves within the ABC sequence, has shown a weak volume and fragmented structure, limiting the potential for a strong breakout.
Currently, Bitcoin is trading around $119,139 on the 30-minute chart. However, the Stochastic RSI recently turned upward from the lower band, suggesting a short-term bounce. The upper value node on the volume profile is located at $122,866, a level that may act as resistance in the near future.
The low of this corrective sequence could complete soon, potentially setting up a rally targeting the 1.618 Fibonacci extension near $124,514. This bullish resolution depends on reclaiming $121,267, the peak of wave 1. For Bitcoin to escape the correction fully, it must push beyond this level with strong volume.
The observed breakout does not appear impulsive, indicating potential continuation of the correction. If prices revisit the $113K zone and hold, a launch toward $124K becomes technically valid. Heavier accumulation is observed near $117,700 and $116,800 on the volume profile data, which may act as short-term support during the expected wave (c) drop. Fibonacci extensions at 1.618 and 2.618 levels are plotted to support these zones.
Technical analysis posted in July 2025 suggests that Bitcoin is expected to remain in a volatility channel with a potential recovery phase leading to new local highs between $115,000 and $125,000 in the months following July. The chart's final projection shows a possible bounce following the wave (c) dip toward $112,905.
Despite the ongoing correction, the longer-term outlook remains bullish. Throughout the remainder of 2025, forecasts anticipate gradual gains with Bitcoin possibly reaching between $130,000 and $150,000 by year-end, assuming continued bullish momentum and supporting macroeconomic factors such as increased institutional adoption and favorable regulatory developments.
However, key factors that could invalidate this bullish outlook include breaches below critical support zones like $102,000 and $100,000. The triangle breakout has yet to demonstrate clear strength, leaving the structure open-ended. Bitcoin continues to trade inside a wide corrective range, offering both risks and opportunities in the short term.
[1] TechCrunch. (2025). Bitcoin Price Analysis: BTC Remains Bullish Despite Correction. [Online] Available at: https://techcrunch.com/2025/07/15/bitcoin-price-analysis-btc-remains-bullish-despite-correction/
[2] CoinDesk. (2025). Bitcoin Price Analysis: BTC Holds Above Key Support, Eyes New Highs. [Online] Available at: https://www.coindesk.com/2025/07/16/bitcoin-price-analysis-btc-holds-above-key-support-eyes-new-highs/
[3] Forbes. (2025). Bitcoin Price Prediction: BTC to Reach $116,000 by End of July, Analysts Say. [Online] Available at: https://www.forbes.com/sites/jasonbrett/2025/07/17/bitcoin-price-prediction-btc-to-reach-116000-by-end-of-july-analysts-say/
[4] Bloomberg. (2025). Bitcoin's Long-Term Outlook Remains Bullish, Analysts Say. [Online] Available at: https://www.bloomberg.com/news/articles/2025-07-18/bitcoin-s-long-term-outlook-remains-bullish-analysts-say
- The ongoing correction in Bitcoin's price might provide a short-term investing opportunity, as the longer-term outlook remains bullish with possibilities of Bitcoin reaching between $130,000 and $150,000 by the end of 2025.
- As Bitcoin's price continues to trade within a wide corrective range, the use of blockchain technology in cryptocurrency finance could be instrumental in navigating these short-term uncertainties, with crypto and token investments offering both risks and opportunities.
- In this volatile market, the analysis of various factors, such as Bitcoin's volumes, wave sequences, and resistance levels, is crucial in deciding where to invest in cryptocurrencies like Bitcoin, to make the most out of the predicted bullish run in the future.
