Bitcoin Price Prediction: Fidelity and Bitwise Boost Optimism as Bitcoin Approaches $120,000
Bitcoin price predictions remain bullish as BTC trades near $119K. Fidelity and Bitwise have just purchased $238.7 million worth of Bitcoin, boosting market confidence.
Bitcoin Price Prediction: Momentum Builds Around $120K
Bitcoin (BTC) is currently trading just below $119,000, after briefly touching $119,400 earlier today. The cryptocurrency has maintained strong momentum this week, consolidating above the $116,000 support zone. The psychological resistance at $120K is now a key barrier for traders and investors.
By TradingView - BTCUSD_2025-10-02 (All) The latest Bitcoin price prediction suggests that if BTC can decisively close above $120K, it could push the price towards the $122K–$124K range. However, failure to hold $116K may see the price pull back to the $112K–$114K range.
Fidelity and Bitwise Purchase $238.7 Million Worth of Bitcoin
A major headline boosting market sentiment today is that Fidelity Investments and Bitwise have jointly purchased $238.7 million worth of Bitcoin. Such large-scale institutional buying strengthens confidence in BTC's long-term potential, especially as these companies are key players in the ETF and asset management sectors.
This move highlights the ongoing institutional shift towards Bitcoin, reinforcing BTC's status as a digital store of value and making it increasingly attractive to traditional investors.
Technical Outlook: What to Watch Next
- Resistance: $120K remains the immediate resistance. A breakout could open the door to $124K.
- Support: $116K is the first key support, followed by the broader $112K–$114K range.
- Momentum: As long as BTC stays above $116K, RSI and moving averages continue to support further upside.
Traders should also keep an eye on spot ETF inflows, as renewed institutional demand is often associated with rising momentum.
Bitcoin Price Prediction: Short-Term and Long-Term Outlook
- Short-term: BTC is expected to test $120K multiple times in the coming hours. If it breaks through, bullish momentum could quickly continue.
- Long-term: Institutional adoption, macroeconomic uncertainty, and the upcoming halving cycle continue to provide strong upside potential.
With Fidelity and Bitwise increasing their exposure, the narrative of Bitcoin as a long-term hedge against inflation and a key asset in diversified portfolios is stronger than ever.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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