Bitcoin Price Rejected At $124K Resistance: Is More Upside Ahead?

Bitcoin price is still riding on bullish momentum. However, it faces key resistance. BTC got rejected after encountering resistance at the $124,000 level, signaling short-term bearish sentiment.

Still, analysts are optimistic about a future Bitcoin USD rally. They cited key price levels to watch. Some target prices are as high as $130,000.

Bitcoin Price and Resistance Level

Market analyst and crypto investor Ted Pillows on X noted that the Bitcoin price faced rejection at $124,000. Bitcoin nearly reached this level on Friday, October 3, but peaked at $123,850 due to resistance.

Rather than push higher, the price bounced back down sharply, currently valued at $122,405, as of this writing. It is worth noting that Bitcoin USD has reached an all-time high (ATH) of $124,171.

This $124,000 price is now acting as a ceiling where selling pressure overwhelms buying pressure, stopping upward momentum. Rejection here signals short-term bearish sentiment. Traders might see this Bitcoin price as a “fakeout” or test, watching for a retest.

However, Ted Pillows pointed out $121,000 and $118,000 as two key support levels for Bitcoin. These levels act as price floors for BTC. If the drop continues, they could help stabilize or trigger a rebound.

According to TedPillows, both $121,000 and $118,000 have strong bids on Binance. This means many traders and institutions are ready to buy the leading coin.

In the bullish scenario, a successful push of the Bitcoin price above $124,000 could trigger rapid upward momentum. TedPillows is anticipating a breakout move towards $130,000.

Samson Mow on Bitcoin USD Trades

Taking to the X platform, Bitcoin maximalist Samson Mow discusses the leading coin’s superiority over the broader, scam-ridden crypto ecosystem.

His core message is focused on retail investors driven by Fear Of Missing Out (FOMO). These are investors who often chase quick gains during bull markets without conducting thorough due diligence.

Mow said their sole task is to identify the next big fraudsters in the crypto space. He took a jab at Sam Bankman-Fried, Do Kwon, and fake claimants of the pseudonymous Bitcoin creator, Satoshi Nakamoto.

The implication is that crypto is a minefield of scammers, pump-and-dump schemes, and rug pulls. According to Mow, spotting the next crypto scam before it blows up is impossible or futile for FOMO investors.

Mow urged investors to disregard technical analysis and research, and instead focus on buying spot Bitcoin on a reputable exchange. For long-term holding, Mow advised transferring BTC  to offline hardware wallets.

Mow is a Bitcoin evangelist who frequently calls out altcoins as distractions. He recently shared a pessimistic outlook for ETH. There, he opposed the idea that the altcoin would flip Bitcoin USD in the current cycle.

Bitcoin Price Forecast

Besides Mow and Ted Pillows, other analysts have raised bold predictions for BTC. In a recent interview, FundStrat’s Tom Lee predicted that the Bitcoin price in USD would reach $250,000. According to him, this may be seen by the end of 2025.

This prediction aligns with a recent Bitcoin USD target by popular author Robert Kiyosaki. The author predicted that the BTC price would exceed $200,000 by the end of the year. This marks a substantial rise from current levels.

Analysts, such as Arthur Hayes, agree on the $250,000 target. Hayes pointed to pro-crypto policies under the Trump administration. He also mentioned 401(k) access and tax cuts as drivers of future Bitcoin price rallies.

In a bolder forecast, Kiyosaki said BTC could reach $1 Million per coin by 2030. For now, the Bitcoin USD market appears bullish, with potential for further upside.

Market activity is high as seen by the rising institutional accumulation. Specifically, the spot BTC ETFs have registered more inflows than outflows in the past few days.