Bitcoin Tries to Flip $123K Into Support, Analysts Say This Could Ignite a 30% Rally

Bitcoin aims to flip $123K into support, signaling potential 20–30% rally ahead.

On-chain data shows 99.4% of BTC supply in profit, confirming strong network momentum.

Analysts eye $130K–$133K targets as retail and institutional activity surge across exchanges.

Bitcoin (BTC) is attempting to turn its previous all-time high (ATH) near $123,000 into a strong support level. The market structure shows consistent upward momentum as traders monitor for several weekly closes above this threshold. Analysts believe that sustained movement above $123,000 could prepare the ground for a 20% to 30% rally in the coming weeks.

BTC Price Action and Technical Outlook

Bitcoin is now testing its former ATH as potential support, according to an analysis prepared by BitBull. The asset rebounded from the $121,000 support zone and is consolidating around $123,000. The price formed higher lows, and technical indicators show strong buying momentum within this range.

The breakout above $123,000 followed several months of consolidation and repeated rejections. The move also confirmed the end of a descending trendline that extended from August through September. Analysts noted that maintaining weekly closes above this threshold could establish the base for the next rally phase.

Source: KamranAsghar(X)

According to Kamran Asghar, “BTC is a ticking clock. The breakout above $124,500 is the trigger for $130,000.” Recent trading indicates support at $120,800 to $121,500 and that it has an upward target of about $126,000 and $128,000. Market behavior demonstrates recovery momentum supported by stronger buying pressure and consistent liquidity inflows across major exchanges.

On-Chain Data and Market Participation

On-chain analyst Axel Adler Jr confirmed through CryptoQuant that 99.4% of Bitcoin’s circulating supply is currently in profit. This data indicates both long-term and short-term holders remain profitable. Adler also noted that short-term holder profitability could peak near $133,000, suggesting a key resistance area within this cycle.

Source: DeFiLlama

According to data from DeFiLlama, Bitcoin’s Total Value Locked (TVL) in DeFi stands at $8.952 billion, reflecting continuous network growth through 2024 and 2025. Active addresses have reached 767,705, showing strong participation from both retail and institutional investors

CryptoQuant’s analyst Darkfost added that retail investors are increasingly active on Binance following BTC’s new ATH of $126,200. Bitcoin is currently trading at $124,096 and has traded in excess of $70.9 billion within the last 24 hours, according to CoinMarketCap. Analysts predict the reaffirmed close above the 123,000 with the aim of boosting market confidence and triggering a new bullish run.

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