Bitcoin Price Prediction: Will BTC Break Through $125,000 or Fall Back to $110,000? Last week, Bitcoin strongly **broke through its historical high**, pushing the price to a peak above $119,000. Since then, BTC seems to have entered a brief consolidation period. As of the time of writing, Gate market shows that the trading price of Bitcoin is around $119,216.7, with a 24-hour increase of 1.47%. This round of increase was accompanied by a series of consecutive daily bullish candles, and bullish sentiment swept across the entire encryption industry. In the technical analysis shared on the TradingView platform, cryptocurrency analyst RLinda pointed out two scenarios that may occur in the next few days or weeks, depending on Bitcoin's reaction to nearby key resistance and support levels. If the key support area is lost, it may trigger a deep pullback. RLinda's technical analysis first emphasized the importance of Bitcoin reaching a historical high. Although Bitcoin seems to have entered a consolidation phase, the top has not yet been confirmed. The market structure still leans towards a continuation of bullish sentiment, especially considering that Bitcoin has just broken free from a two-month consolidation range and is entering a value realization phase. According to the 1-hour candlestick chart, Bitcoin's current trading price is slightly above a support area just below $117,500. If Bitcoin fails to hold this area, it may trigger a chain reaction of pullbacks, driving the price down to: • $115,500 • Possibly then dipping to $114,300 • Even retracing to the previous historical high of $111,800. Below this, temporary support buffers may be provided near $113,031 (0.5 Fibonacci retracement level) and $111,960 (0.705 Fibonacci retracement level). The final key bullish defense buying area is around $110,400, where bulls may intervene in hopes of a rebound. In short, if Bitcoin loses the support level of $115,500, the price may slide to $110,000, where it will encounter the next strong buying support area. Will it hit $125,000? A strong breakthrough of key resistance is needed. On the other hand, Bitcoin still has the potential to break through $118,000 and rise further to $125,000, but this requires certain conditions to be met. The key prerequisite for the continuation of the upward trend is that Bitcoin must close strongly above $118,400 and $118,900 on the daily chart. In RLinda's words, a daily close above these price levels will indicate a "structural breakout." This, in turn, will confirm the market's transition from consolidation to a new round of upward thrust. Essentially, regardless of the bearish or bullish outlook, it depends on Bitcoin's response to key areas (such as the $116,700 support or the $118,400 resistance) before making a directional choice. However, it is worth noting that the consolidation period following last week's surge may last for several weeks or even months, which is quite similar to previous upward patterns in this bull run cycle. On-chain data: Long-term holders are not yet euphoric, and the bull market shows no signs of overheating. According to Glassnode's Net Unrealized Profit and Loss (NUPL) indicator, the current profit sentiment level of long-term holders for Bitcoin stands at 0.69. Despite Bitcoin just reaching a historical high, this figure is significantly below the "market euphoria" threshold of 0.75. In the last bull market cycle, Bitcoin remained above the 0.75 euphoric threshold for about 228 days. In contrast, this cycle has only had about 30 days above that level so far. This indicates that long-term holders (LTH) have not yet taken profits on a large scale, the market has not reached an overheating state, and there is still potential for upward movement.