Bitcoin Price Prediction as BTC Surges Past Record Levels – $120,000 by Tomorrow?

Bitcoin has shattered another all-time high, surging past $113,000 in a parabolic rally that has left traders scrambling to adjust their price targets.

At the time of writing, the crypto is trading above $113,400.

The explosive move comes after President Trump declared on Truth Social that crypto is going “through the roof,” triggering massive buying pressure across digital asset markets.

Trump’s social media post highlighted record highs across tech stocks, industrial stocks, and the NASDAQ, while specifically calling out cryptocurrency’s stellar performance.

The president emphasized that NVIDIA has gained 47% since Trump tariffs were announced, while urging the Federal Reserve to “rapidly lower rates” to reflect the economy’s strength.

The timing of Trump’s crypto endorsement has created perfect storm conditions for Bitcoin’s latest surge.

With the president stating “USA SHOULD BE AT THE ‘TOP OF THE LIST’” and declaring “NO INFLATION,” institutional investors are interpreting this as a clear signal for continued monetary accommodation and risk asset appreciation.

Technical analysts are now eyeing the $120,000 level as the next major psychological target, with some suggesting the milestone could be reached within 24 hours given the current momentum.

The parabolic nature of the current rally mirrors previous Bitcoin supercycles, where rapid price discovery phases have led to swift moves toward round-number targets.

Polymarket traders are pricing in accelerated timeline expectations, suggesting the crypto market’s momentum could carry Bitcoin to six-figure ($120,000) milestones faster than previously anticipated.

BREAKING: Bitcoin now projected to surpass $120,000 this month.

— Polymarket (@Polymarket) July 10, 2025

Market participants are closely watching for any signs of exhaustion around current levels.

However, the combination of presidential endorsement and record-breaking traditional market performance continues to fuel bullish sentiment across the crypto market.

Technical Analysis Points to Historic Pattern Repetition

Bitcoin’s daily chart confirms the historic breakout with the asset reaching $113,627, up 2.10%, after hitting a new all-time high of $113,879.

The powerful bullish engulfing formation decisively broke through all previous resistance levels with substantial volume confirming institutional participation in the advance.

Comparative analysis between 2024 and 2025 reveals remarkable technical similarities, with Bitcoin currently exhibiting an almost identical descending triangle pattern that preceded the explosive 2024 run from $35,000 to over $111,000.

The recent breakout above $113,470 suggests that Bitcoin has successfully breached a critical resistance level, potentially triggering another exponential phase targeting $150,000-$ 200,000.

Furthermore, an analysis of exchange reserves reveals one of the most crucial fundamental catalysts, showing a dramatic decline in BTC held on exchanges from approximately 3.25 million to 2.55 million BTC.

This supply shock removed nearly 700,000 BTC from readily available trading inventory, effectively withdrawing 3.3% of Bitcoin’s circulating supply.

The correlation between declining exchange reserves and rising prices creates a feedback loop where appreciation incentivizes more holders to withdraw Bitcoin for long-term storage.

The current trajectory suggests that reserves could decline to 2.0-2.2 million BTC, representing the lowest levels since early 2018.

Bitcoin has entered pure price discovery mode, where traditional resistance levels become irrelevant as the asset moves into territory with no previous selling pressure.

Any pullbacks to $110,000 – $111,000 should be viewed as a healthy consolidation before targeting $120,000 – $125,000, based on current momentum projections.