Bitcoin surged to $120,132 on Thursday, marking its highest level in seven weeks as October’s “Uptober” rally gathered steam. The cryptocurrency gained 4% in 24 hours, breaking through resistance at $117,500 and pressing against the symbolic $120,000 mark.
At this level, Bitcoin’s market capitalization rose to $2.37 trillion, surpassing Amazon’s value, while the broader crypto market swelled to $4.16 trillion.
The rally spilled into altcoins, with Ethereum, Solana, Cardano, and Dogecoin climbing 5–6% in sympathy. Analysts point to expectations of Federal Reserve rate cuts as a key driver. Softer U.S. labor data has fueled speculation that policymakers may ease monetary conditions later this month, boosting Bitcoin’s appeal as a hedge against economic uncertainty.
October has historically been one of Bitcoin’s strongest months, and traders are betting the trend could continue. Breaking decisively above $120,000 would open the door for another leg higher, potentially toward all-time highs if momentum holds.
CME Plans 24/7 Futures by 2026
Adding to the optimism, the CME Group announced plans to launch 24/7 trading for Bitcoin and Ethereum futures and options by early 2026, pending regulatory approval. Currently, CME halts crypto futures trading over weekends, a mismatch with global markets that operate 24/7.
The shift is designed to meet growing institutional demand for continuous risk management. Tim McCourt, CME’s global head of equities and alternative products, said the move should enhance market efficiency, reduce arbitrage gaps, and strengthen liquidity.
Analysts believe this will cement Bitcoin’s role in mainstream finance, encouraging more hedge funds and asset managers to participate. Institutional adoption has long been a catalyst for Bitcoin price growth.
By aligning with the 24/7 nature of digital assets, CME could accelerate that trend and provide fresh liquidity for both spot and derivatives markets.
Sweden Weighs Bitcoin Reserve, Bearish Pattern Emerges
Meanwhile, Sweden is considering joining the ranks of nations exploring Bitcoin reserves. Lawmakers Dennis Dioukarev and David Perez have proposed a national reserve built from seized Bitcoin, arguing it would protect the country from inflation and geopolitical risks.
The idea aligns with broader international discussions, with the U.S. also examining Bitcoin’s role as a strategic asset.
A national Bitcoin reserve in Sweden could set a precedent across Europe, reinforcing the asset’s credibility and potentially sparking new institutional inflows.
From a technical perspective, however, caution remains warranted. Bitcoin’s current rally is forming a Bearish Butterfly pattern, with the Potential Reversal Zone (PRZ) projected between $128,000 and $130,000. While momentum remains bullish in the short term, this harmonic structure warns of potential selling pressure at higher levels.
- Support levels: $117,000, $113,500, $106,900
- Resistance targets: $124,600, $128,000–$130,000 (PRZ)
A clean breakout above $124,600 could pave the way toward the PRZ, but overbought RSI conditions suggest the risk of a pullback increases the closer Bitcoin gets to $130,000. A failure to hold $117,000 could expose deeper supports at $113,500 and $106,900.
For traders, the outlook is clear: Uptober momentum is strong, institutional demand is rising, and global policy shifts are supportive. But the technical picture advises caution at higher levels, as the rally nears a zone where profit-taking could emerge.
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The post Bitcoin Price Prediction: $120K Uptober Rally Sparks Bullish Momentum but Bearish Pattern Looms appeared first on Cryptonews.
