As part of its current consolidation, the BTC price has just made a strategic rebound above the $117,000 resistance level. This is a very promising sign for analysts, who anticipate Bitcoin returning to an upward trend towards $200,000 by the end of the year.
Bitcoin returns to above $117,000
Since its last historic high in August of over $124,000, the price of BTC has entered a consolidation phase between the $108,000 level and resistance around $117,000.
This threshold was broken on October 1, with the price now standing at around $118,700 at the time of writing. This represents a 3% increase over the last 24 hours, which could well change the dynamics of Bitcoin for the rest of the year.
This is the opinion shared in the latest publication by the analysis firm CryptoQuant. Its analysts believe that BTC’s return above the $117,000 level could trigger a sustained uptrend at the end of the year, following the confirmed crossing of the “trader realized price” of $116,000.
Bitcoin has surpassed $117,000, returning to its realized trader price ($116,000). This change repositions BTC in the bullish phase of its cycle indicator.
CryptoQuant
Will BTC reach $200,000 by the end of the year?
To support their bullish hypothesis, CryptoQuant analysts point to an increase in demand for Bitcoin on the spot market since July, estimated at more than 62,000 BTC per month. And with good reason, as sustained activity of this type preceded the bullish rallies recorded in the fourth quarter of 2020, 2021, and 2024.
At the same time, demand from Bitcoin whales and the US spot ETF market is showing significant growth, which could continue in the coming months, with the prospect of “fourth-quarter targets moving towards $160,000–200,000.”
CryptoQuant analysts specifically anticipate a BTC price between $160,000 and $200,000. This estimate is based on the current level of their “Bitcoin Bullish Score Index,” which stood between 40 and 50 in the final days of the third quarter.
These levels are identical to those at the end of 2024, just before BTC rose from $70,000 to over $100,000. However, it is important to remember that this rise was largely supported by the election of Donald Trump, with his pro-crypto campaign platform.
