Bitcoin (BTC) Price Analysis: Cooling Phase Before Another All-Time High Attempt?

Bitcoin is currently trading around the $121,000 level, showing slight downward movement on the lower timeframes. This short-term weakness hasn’t changed the bigger picture. As highlighted in our previous analysis, Bitcoin is still trending upward on the higher timeframes after recently setting new all-time highs. The price has now slipped below the $124,000 level, which acted as resistance at the previous all-time high. This could simply be a cooldown phase before the market attempts another push higher. With higher targets still on the table, let’s take a look at the latest Bitcoin charts to see what could be next for BTC in the short term.

Our Bitcoin Price Prediction Summary

• BTC is cooling off, not breaking down as long as $120K and $118K hold as support.
• The broader uptrend is still intact despite short-term weakness.
• Bulls only lose momentum if price breaks below $118K with conviction.

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Analyzing the Charts

Fresh All-Time High Signals Strength

Looking at the latest 1-day chart for Bitcoin, the first key observation is the recent higher high formed with the new all-time peak. This confirms that the broader uptrend is still in play and keeps the $130,000 target on the table for the bulls. However, the price is currently facing rejection around the $125,000 resistance zone and has started pulling back. This correction was largely expected after the strong rally in recent days, especially with the RSI entering overbought territory. The main level to watch now is the $117,500 to $118,000 area, which previously acted as strong resistance and may flip into support. There is also immediate support around $120,000, so a bounce from that level cannot be ruled out either.

Rising Wedge Structure Still Favors Bulls for Now

Bitcoin is also still trading within a Rising Wedge pattern on the daily timeframe. As long as this structure holds and the lower timeframes remain in an uptrend, the higher targets stay in sight. That said, a Rising Wedge is statistically a bearish pattern and often signals a breakdown once the price falls below the lower trendline. For now, that risk is not immediate. Bulls are likely to defend the $118,000 area in the short term, which could lead to another retest of the upper boundary of the wedge. A breakout from there could potentially drive price into new all-time highs, possibly even toward $130,000 without violating the current structure. This is why our latest Bitcoin price prediction continues to lean bullish.

Overbought Conditions Lead to a Cooldown

Switching to the 4-hour timeframe, the key levels remain largely the same. BTC is currently trending downward here while holding the $120,000 level as support. This pullback was triggered by a bearish divergence, which we also highlighted in our previous analysis. A bounce from $120,000 is possible, but a retest of the $118,000 zone with some consolidation appears more likely. That kind of slowdown would be healthier for bullish momentum to rebuild.

Final Takeaway: What is Next for Bitcoin?

In summary, Bitcoin is still holding its macro uptrend despite the current pullback. The ongoing correction toward the $120,000 and potentially $118,000 support zones appears to be a normal cooldown rather than a trend reversal. As long as these levels hold, the bullish structure remains valid, and higher targets such as $125,000 and even $130,000 stay within reach. Indicators like the RSI cooling off on lower timeframes suggest that buyers may soon regain strength. If bulls manage to defend key support and break above the upper boundary of the Rising Wedge, Bitcoin could attempt another run toward fresh all-time highs. For now, caution in the short term and optimism in the broader trend remains the most reasonable stance.