Bitcoin Targets $128,000 as Wedge Break Clears $123,182 Resistance

• Bitcoin pushed above $118000 with clear momentum as it invalidated the descending wedge from June lows.
• The price now faces a key challenge near $123182 which marked the all time high zone for BTC previously.
• If bulls maintain pressure above this level Bitcoin may climb toward the projected $128000 mark before August.

Bitcoin (BTC) has surged past $118,000, sparking renewed investor interest as a breakout pattern targets the $124,000 resistance zone. On the 4-hour Coinbase chart, BTC/USD touched an intraday high of $118,113, confirming upward price pressure. The breakout follows weeks of consolidation within a descending triangle, now invalidated by bullish action.

BTC Price Reclaims Strength Above Trendline

The chart shows Bitcoin forming a descending wedge since mid-June, marked by purple resistance lines and horizontal price compression. BTC has now broken above both wedge resistance and the orange ascending trendline traced from earlier June support.

This break comes after a prolonged period of sideways movement and rejection near the $116,000–$117,000 range. The 200 SMA close was breached earlier in the week, further supporting bullish bias. The relative strength index (RSI) currently hovers around 49, indicating neutral momentum with potential for upward expansion.

BTC volume remains moderate, yet price action shows strong follow-through above the wedge. The chart also shows price aligning with a previous high near $123,182—marked as “ATH”—which may act as the next critical resistance level.

Notably, the yellow line overlay represents projected bullish continuation beyond $124,000, with the $128,000 zone as a likely target. The trajectory suggests confidence building ahead of the August 1 timeframe noted on the chart.

Triangle Breakout and Historical Levels in Focus

BTC had previously formed a symmetrical triangle between $114,000 and $123,000, which compressed price over several weeks. This technical structure held until bulls forced a breakout, retesting the $118,000 level successfully.

The psychological barrier at $123,182 is labeled as the all-time high (ATH) in the chart. The projected path above that level suggests a 4.3% increase to $128,000. That zone, while untested, appears to be the next magnet for bullish momentum based on chart analysis.

Additionally, the breakout followed a distinct bounce from the orange ascending support that had held firm since June. This confirms the strength of the lower trendline, which acted as a launchpad for renewed demand.

The blue descending channel from June’s high to late July was also decisively broken. This channel once provided a range-bound pattern, but the breakout indicates fresh buying interest.

A pivotal question arises: Will Bitcoin reclaim its all-time high and sustain momentum above $124,000 before August begins?

Market Sentiment Builds Toward August

Bitcoin’s current structure aligns with a bullish price pattern aiming for the $128,000 level before August 1. The date is marked vertically on the chart, indicating a possible timing pivot for key price action. Traders often view such time-confluence points as decision zones.

The yellow projected line shows a steep rise beyond current levels, hinting at institutional demand or major inflows yet to be disclosed. The current RSI level offers room for continued upside without being overbought, suggesting the rally could extend.

Volume levels remain steady but not excessive, which implies organic growth rather than short-squeeze-driven movement. This may offer stability as price approaches a high-volume resistance near the ATH line.

If Bitcoin reaches $124,000 and breaks further, it would validate both the breakout pattern and the psychological level. Market participants are closely watching for any reversal signals near that region.

The price has remained above the ascending orange support line, reinforcing a bullish trend structure. Traders are expected to monitor consolidation or retest zones around $117,000 for potential buy entries.