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Economist Timothy Peterson puts Bitcoin price forecast at $140,000 by end of this month

Timothy Peterson’s market simulation shows a 50% chance Bitcoin hits $140K in October.
Bitcoin recently hit $126K, needing a 14.7% rise to reach $140K.
Other analysts, however, note likely short-term pullbacks before potential sustained gains.

Economist Timothy Peterson has projected that Bitcoin could reach $140,000 before the end of October, citing data-driven simulations that indicate a 50% probability of the world’s largest cryptocurrency closing the month above that mark.

The analysis, grounded in more than a decade of Bitcoin’s historical price behaviour, suggests that half of the cryptocurrency’s potential October gains may already have occurred.

Data-driven prediction, not speculation

Peterson’s projection, shared on X on October 7, 2025, was based on “hundreds of simulations” using Bitcoin’s daily price data since 2015.

“There is a 50% chance Bitcoin finishes the month above $140K,” he wrote, adding that there is a 43% chance it could finish below $136,000.

According to Peterson, the forecast is purely statistical, not influenced by sentiment or subjective opinion.

He emphasised that the results were “based purely on real data, not human emotion or biased opinion,” designed to reflect Bitcoin’s historical volatility and cyclical rhythm.

At the time of his analysis, Bitcoin was trading at around $122,000, having cooled slightly after setting a new all-time high of $126,200 earlier in the week.

Reaching $140,000 would require a roughly 14.7% gain from current levels, a move that aligns closely with Bitcoin’s average October performance over the past decade.

Historical data from CoinGlass shows that October has been Bitcoin’s second-best month since 2013, typically delivering gains of about 20.75%.

October’s historical significance for Bitcoin

Peterson explained that “Bitcoin’s performance in October isn’t ‘set up’ by September, it’s set up throughout the entire year.”

Bitcoin’s performance in October isn’t “set up” by September, its set up throughout the entire year.

This chart plots Jan–Sept returns vs. October returns since 2015. The stronger Bitcoin performs through the first nine months, the stronger October tends to be. October has… pic.twitter.com/MLtqz5znkD

— Timothy Peterson (@nsquaredvalue) October 2, 2025

The economist linked Bitcoin’s seasonal strength to broader financial patterns, such as the end of third-quarter portfolio rebalancing, the start of fiscal year planning, and the approach of year-end reporting windows for investment funds.

These factors, he suggested, create favourable conditions for renewed capital inflows into Bitcoin and other risk assets.

While Peterson’s model offers a probability-based outlook, he cautioned that markets do not always conform perfectly to historical patterns.

Bitcoin’s past behaviour has occasionally diverged from expectations even when data indicated high confidence levels.

Nonetheless, he maintains that the model provides a “clear, probability-based picture” of where Bitcoin’s value is most likely to move in the short term.

Market sentiment leans bullish

Peterson’s forecast comes as market sentiment around Bitcoin remains generally optimistic.

Crypto analysts such as Jelle and Matthew Hyland have echoed bullish outlooks in recent days, highlighting Bitcoin’s successful retest of previous highs and suggesting that momentum could push prices further upward.

Earlier this week, Jelle posted, “It’s definitely over for bears. Send it higher,” while Hyland noted that “the pressure is building.”

However, not all voices in the market are calling for an immediate surge.

Analyst Ardi, known for his technical commentary, pointed out that Bitcoin often experiences a short-term pullback of around 5% after hitting new all-time highs.

Such moves, Ardi said, are typically followed by a period of choppiness and consolidation—a pattern that could play out again before any sustained rally.

$BTC loves to dump ~5% after it hits new ATHs, normally followed by a period of chop and consolidation.

Rest of the market most likely chops with it. pic.twitter.com/iZMqaUV6Qc

— Ardi (@AltcoinArdi) October 8, 2025

Technical outlook supports Bitcoin’s upward potential

Technical indicators also appear to support a bullish bias in the near term.

According to market analysis, Bitcoin’s key support level stands at $120,899, with immediate resistance at $124,148 and a higher target of $126,021.

The cryptocurrency is currently trading above all major exponential moving averages (10, 20, 50, 100, and 200-day EMAs), signalling strong upward momentum.

Projections are that Bitcoin could reach around $121,633 in the coming days, with longer-term forecasts setting ambitious price targets of $221,485 for 2025.

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October 8, 2025

Bitcoin dips below $122K after 16% rally, altcoins follow as analysts eye rebound

Bitcoin slips under $122K after a 16% surge fueled by ETFs and futures.

Bitcoin slips under $122K after a 16% surge fueled by ETFs and futures.
Profit-taking triggers a short-term dip, pulling major altcoins down 4–7%.
Analysts eye a potential rebound, with Bitcoin aiming past $130K and altcoins poised for recovery.

Bitcoin took a bit of a breather on Tuesday, slipping below the $122,000 mark after a blistering rally that had traders buzzing with excitement.

For the traders following the crypto rollercoaster, this pullback probably didn’t come as a huge surprise.

The market had been running pretty hot, and sometimes you just need to catch your breath before the next big move.

Bitcoin price: What’s behind the dip?

So, what’s causing Bitcoin and its crypto cousins like Solana, Cardano, and XRP to catch some cold feet right now? Well, a lot of it comes down to the fast-paced buying spree we saw over the past several days.

Bitcoin’s price zoomed up by around 16%, fueled by a flood of fresh investments pouring into ETFs and futures.

It’s like everyone piled onto the bandwagon at once, which can make things a little wobbly. When the crowd rushes in simultaneously, it often leads to what experts call an “overheated” market.

Basically, traders get a bit too optimistic, pushing prices higher than what fundamentals might support in the short term. Then, boom, some folks start locking in profits, and the selling begins.

We saw exactly that as bitcoin lost some steam, dragging most altcoins down with it, with drops ranging from 4% to 7% for the bigger names.

But here’s the thing, it’s not all doom and gloom. These kinds of corrections are pretty common in volatile markets like crypto.

Think of it this way: it cleans out the weak hands and sets the stage for healthier growth ahead. Plus, bitcoin still has strong support around the $118,000 to $120,000 zone, which many believe will keep the floor from falling out completely.

What’s next for crypto?

Many analysts are keeping a hopeful eye on the coming weeks. If Bitcoin can hang onto those key support levels, the path might just be clear for it to climb back past $130,000, riding the momentum of a strong finish to 2025.

Of course, the crypto world isn’t just about Bitcoin. Ethereum, for one, has been holding up relatively well, partly thanks to growing interest in staking and the ongoing development of decentralized finance platforms.

The altcoin scene may have taken a hit during this pullback, but it’s not out of the game.

Tokens like Solana and XRP are still on many investors’ radars, especially with potential new ETF approvals on the horizon and technical upgrades underway.

October has historically been a lively month for crypto, so don’t be surprised if the market springs back with a classic “Uptober” rally soon.

That said, this ride isn’t for the faint of heart. The market’s inherent volatility means prices can swing wildly, sometimes on little more than speculation or headlines.

Plus, global economic factors and regulatory news can turn the tide pretty quickly.

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October 7, 2025

Cardano (ADA) eyes $0.89 breakout as Bitcoin steals the spotlight

Whales have accumulated 70M ADA as retail traders stay cautious.
Cardano (ADA) faces key breakout resistance near the $0.89 level.
Bitcoin’s dominance limits altcoin momentum and ADA’s recovery.

Cardano’s price has been caught in a tug-of-war as the broader crypto market rallies behind Bitcoin’s surge to record highs.

While Cardano (ADA) remains more than 70% below its all-time peak, signs of accumulation by large holders suggest that the token could be preparing for a decisive move, with $0.89 emerging as the key breakout level.

However, retail hesitation and shifting market sentiment continue to weigh on its momentum, leaving traders watching closely for confirmation of the next trend.

Bitcoin dominance leaves Cardano lagging

Bitcoin’s climb to $125,000 has reshaped the market landscape, pulling liquidity from altcoins into BTC and exchange-traded funds.

The Bitcoin Dominance Index has risen to 58.3%, reflecting a clear rotation of capital that has left many altcoins struggling to keep up.

Cardano has not been spared, underperforming the wider market and slipping by 0.5% over the past 24 hours to trade at $0.854.

Cardano’s trading volumes have fallen by 13% to $1.13 billion, signalling a dip in immediate demand even as technical patterns show a buildup of pressure beneath the surface.

Whales accumulating ADA as retail hesitates

Beneath the quiet price action, large Cardano holders have been steadily adding to their positions.

Wallets holding between 10 million and 1 billion ADA have collectively absorbed an additional 70 million tokens in recent days, worth close to $59 million at current prices.

Cardano (ADA) whale accumulation — Source: Santiment

The Chaikin Money Flow (CMF), a measure of capital inflows, has turned positive at 0.12, reinforcing the view that larger players are preparing for a potential upside move.

However, the enthusiasm of retail traders has not matched this activity.

The Money Flow Index has been trending lower, pointing to weaker conviction among smaller investors.

This divergence between whale accumulation and retail caution has kept ADA coiled inside a symmetrical triangle, delaying a sharper breakout even as broader conditions tilt in favour of accumulation.

ADA price analysis

From a technical standpoint, ADA faces layered resistance that could determine whether the token manages to escape its consolidation range.

The immediate barrier lies at $0.855, where the 50-day simple moving average converges with the 50% Fibonacci retracement level.

A stronger resistance zone sits between $0.86 and $0.89, the latter acting as the critical breakout level that traders are monitoring.

A daily close above $0.89 would confirm bullish momentum and open a path toward $0.93 and $0.95.

On the other hand, Cardano’s price has tested $0.832, a zone tied to the 61.8% Fibonacci retracement, which now serves as a short-term floor.

A deeper dip below $0.78 would invalidate the bullish setup and confirm a bearish turn, leaving the triangle structure broken.

But until then, ADA remains in a delicate balance between buyer accumulation and market hesitation.

Cardano price outlook sparks optimism

Despite its struggles, some analysts believe Cardano is primed for a resurgence reminiscent of past breakout runs seen in other major assets.

Market analyst Timofei argues that ADA mirrors the conditions that allowed XRP to surge in 2024 and Solana to rebound dramatically in 2023.

Notably, XRP posted a 239% rally last year, while Solana’s comeback from the depths of the FTX collapse saw a 919% increase.

Timofei notes that ADA has been consolidating inside an expanding symmetrical triangle since early 2023.

The analyst notes that after a rejection near $1.32 in December, Cardano (ADA) has moved closer to the midpoint of the structure.

Timofei expects a retest of the lower trendline, which could mark the final bottom before a significant rebound.

His analysis points to a potential breakout that could send ADA back toward the $3 region, a 254% gain from current prices.

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October 6, 2025

Bitcoin shatters all-time high, surging past $125,000

Bitcoin has surged to a new all-time high, surpassing $125,750.
The rally follows a volatile September, with Bitcoin soaring over 9% in October.
The key $120,000 level has been successfully turned into a support base.

The king of crypto has reclaimed its crown in a stunning display of power and resilience.

Bitcoin has shattered its previous all-time high, blasting past the monumental $125,000 barrier in a powerful surge that signals the triumphant return of the bulls.

The record-breaking performance, which saw the cryptocurrency touch a staggering 125,750 dollars in early Sunday trading, is a defiant roar from a market that has shaken off the blues of a volatile September and is now charting a bold new course.

A fortress at $120,000: The anatomy of a breakout

This is not a random surge; it is a rally built on a powerful technical foundation.

The latest milestone comes after the market successfully defended the critical 120,000 dollar level, transforming what was once a ceiling of resistance into a solid floor of support.

This successful conversion was the final piece of the puzzle, the technical green light that has paved the way for this powerful new leg higher and reinforced investor confidence in the cryptocurrency’s long-term prospects.

The powerful upswing, which has seen Bitcoin’s value soar by over 9 percent in October alone, is a testament to the asset’s growing acceptance and its remarkable ability to rebound from periods of turbulence.

A flight to safety, a bet on debasement

The rally is not happening in a vacuum. It is being fueled by a potent cocktail of macroeconomic uncertainty and a growing narrative that the value of traditional fiat currencies is being eroded.

The ongoing US government shutdown has injected a deep sense of instability into the global financial system, a chaos that appears to be driving investors toward alternative stores of value.

This “dollar debasement narrative” is not just lifting Bitcoin; its effects are visible across the safe-haven spectrum.

Spot gold also advanced on Friday to 3,876.55 dollars per ounce, lifting its weekly gain to over 2 percent in a powerful parallel move.

“With many assets including equities, gold and even collectibles like Pokemon cards hitting all time highs, it’s no surprise Bitcoin is benefiting from the dollar debasement narrative,” said Joshua Lim, co-head of markets at the crypto prime brokerage firm FalconX, in a statement to Bloomberg.

As the world grapples with a new era of economic uncertainty, Bitcoin is once again making its case as a viable and powerful alternative.

The king is back on his throne, and the market is watching with bated breath to see just how high his new reign will take him.

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October 6, 2025

Uptober ignites: why $200k is within reach after Bitcoin breaches $120K

why $200k is within reach after Bitcoin breached $120K

Bitcoin nears record $124K after strong September and Uptober surge.
Institutional ETF inflows and corporate buys fuel bullish momentum.
Analysts project $160K–$200K if demand growth continues in Q4.

Bitcoin (BTC) has stormed into the final quarter of 2025 with the kind of momentum that traders had hoped for, breaking through the $120,000 barrier and reigniting talk of fresh all-time highs.

The rally comes on the heels of a surprisingly strong September and is already being described as the early stages of what could be a historic “Uptober.”

With BTC now hovering just a few percentage points below its record high of $124,128 set in August, analysts and on-chain observers say the conditions are aligning for a drive toward $200,000 before year’s end.

Seasonal surge takes hold

September closed above $114,000, up about 5% for the month, bucking the usual trend of weakness and building a foundation for October’s breakout.

Historically, whenever September has ended in the green, the fourth quarter has delivered outsized gains, with years like 2015, 2016, 2023, and 2024 producing average rallies above 50%.

That pattern, coupled with October’s average gain of 21.8% and November’s 10.8%, has cemented “Uptober” as more than a slogan for crypto traders.

Already this month, Bitcoin has climbed nearly 10% in a week, extending a year-to-date gain of about 27%.

The proximity to its all-time high adds to the sense of inevitability that new records are within reach if demand continues to hold.

Institutions are driving BTC demand

Behind the price action, institutional activity is setting the tone.

US spot Bitcoin ETFs have pulled in billions in inflows since early September, including more than $600 million for two consecutive days and $2.25 billion over the past week.

Bitcoin ETFs inflows — Source: Coinglass

BlackRock’s IBIT ETF has emerged as the centre of this demand, with its options open interest topping $38 billion and even surpassing Deribit, traditionally the largest derivatives venue.

Corporations are also reinforcing the bullish trend. Strategy, formerly MicroStrategy, now controls 3.2% of Bitcoin’s total supply after adding more than 11,000 coins in recent weeks.

The steady accumulation reduces exchange supply and signals confidence from long-term holders.

This kind of sustained buying creates an upward pressure that is difficult for the market to ignore.

Bitcoin technical breakout confirms the momentum

The technical picture is equally supportive. Bitcoin has decisively broken above $119,500, a resistance level that capped prices through late September.

Indicators such as the MACD and RSI are flashing bullish signals, while the price continues to trade above short-term moving averages.

Bitcoin price analysis — Source: CoinMarketCap

Eyes are on $124,600 as the next test, with Fibonacci extensions pointing toward $128,000–$130,000 as near-term targets.

However, the bigger story is what lies beyond. JPMorgan’s latest analysis compares Bitcoin with gold and suggests a theoretical fair value of $165,000 if adoption trends converge.

Citi has also issued a 12-month target of $181,000, and Standard Chartered has gone even further, projecting that institutional flows could push Bitcoin to $200,000 by year-end.

CryptoQuant’s bull score index hovers around 40–50, the same levels seen before major breakouts in 2020 and 2024, and the firm believes Bitcoin could reach between $160,000 and $200,000 this quarter if demand persists.

The US government’s shutdown has also shaken confidence in traditional markets, pushing investors toward hard assets like Bitcoin and gold.

$200k within sight

The mix of seasonal strength, institutional inflows, technical momentum, and macro uncertainty is creating conditions unlike any Bitcoin has faced before.

With the asset just shy of its all-time high and liquidity pouring in, analysts argue that $200,000 is no longer a bold outlier but a realistic scenario if buying pressure continues through the quarter.

For now, the key question is whether Bitcoin can sustain closes above $120,000 and break decisively past $124,000.

If it does, “Uptober” may prove to be the spark that propels the world’s largest cryptocurrency into its most explosive rally yet.

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October 3, 2025

Bitcoin hits a 6-week high above $120,000, defying a government shutdown

Bitcoin has broken above the key $120,000 level for the first time since August.
The rally is fueled by renewed optimism about macroeconomic tailwinds.
BTC futures open interest has hit a record high of $32.6 billion.

The bulls are back in charge. Bitcoin has shattered the critical $120,000 resistance level, surging to a height not seen since mid-August as a powerful wave of optimism sweeps through the market.

The breakout, which follows a steady five-day climb, signals that traders are decisively positioning for a bullish final quarter of the year, undeterred by the political chaos unfolding in Washington.

This is a rally built on both renewed macroeconomic hope and a powerful internal market dynamic.

In the derivatives market, the conviction is palpable, with open interest in BTC futures soaring to a new record high of $32.6 billion, a clear sign that traders are placing big bets on further upside.

A short squeeze in the making?

Beneath the surface of this bullish momentum, a potentially explosive setup is taking shape.

On-chain analyst Skew has noted that even as open interest soars, a significant number of short positions are also piling up.

This creates the perfect conditions for a “short squeeze,” a violent upward price move that is triggered when a rising price forces a cascade of short-sellers to buy back their positions, adding even more fuel to the rally’s fire.

The shutdown factor: a crisis becomes a catalyst

Ironically, the political crisis in the United States may be a key catalyst for the market’s renewed optimism.

The ongoing government shutdown has injected a dose of profound uncertainty into the economic picture, a chaos that traders seem to believe will ultimately benefit risk assets like Bitcoin.

Treasury Secretary Scott Bessent warned on Thursday that the shutdown could have a real and damaging impact.

“We could see a hit to the GDP, a hit to growth and a hit to working America,” he told CNBC.

This economic weakness, coupled with the fact that the Federal Reserve will be deprived of a fresh jobs report, makes an interest rate cut at the end of this month all but a certainty.

The flip from skeptic to believer

The sheer strength of the recent advance has been enough to turn even the skeptics into believers.

Paul Howard, a senior director at the crypto trading firm Wincent, admitted he had been skeptical about a rebound earlier in the week, but the market’s relentless climb has changed his mind.

“With $BTC trading back at levels last seen in mid-July, the total market cap is once again above $4 trillion,” he noted.

We have seen a slow grind higher breaking above $115,000, indicating we are now more likely to stay above this level, with a CME gap to lock in the floor at $110,000.

His conclusion is now as bullish as the market’s momentum. “I believe we are now set to see a sustained rally above $120,000 in the coming weeks,” he added.

The quiet days of late September are over, and the battle for the next leg higher has begun.

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October 3, 2025

Bitcoin surges as US government shutdown ignites the market

Bitcoin has surged to its highest level in over two months, above $119,000.
The rally is a direct reaction to the US government shutting down operations.
The shutdown is expected to create a “positive liquidity impulse” for markets.

The political paralysis in Washington has become the crypto market’s rocket fuel.

Bitcoin has surged to its highest level in over two months, blasting past the $119,000 mark as the US government officially shut down its operations, a dramatic development that traders are betting will ultimately unleash a wave of new liquidity into the financial system.

The leading cryptocurrency has jumped nearly 4 percent in the past 24 hours, with prices briefly touching $119,455 for the first time since mid-August.

The rally was broad-based, with other major tokens like Ether, XRP, and Solana all rising between 4 and 7 percent.

This is the market’s clear and unambiguous verdict on the chaos gripping the US capital.

A bet on a blind Fed, a wager on new money

The logic behind the rally is a bet on the second-order effects of the shutdown. With the government’s lights now off, the release of key economic data—most notably Friday’s all-important nonfarm payrolls report—will likely be delayed.

This data blackout will effectively blind the Federal Reserve, making it far more likely to proceed with its planned interest rate cuts.

“If ADP is a leading signal and the BLS print is delayed, the Fed is likely to deliver a 25 bp cut in October and pair it with guidance that keeps a second cut on the table by December,” said Matt Mena, a Crypto Research Strategist at 21Shares.

This is the “positive liquidity impulse” that has the market so excited: an expansion of liquidity that makes it easier and cheaper to borrow money, a dynamic that encourages economic growth and, crucially, risk-taking in financial markets.

For some, this shutdown surge is more than just a temporary trade; it is a sign of a fundamental shift in the market’s DNA.

“The message is clear: with traditional data releases in flux and macro uncertainty running high, Bitcoin remains one of the few assets that thrives when the old playbook breaks down,” Mena noted.

“Investors should be watching this moment closely – it could mark the next explosive leg higher in crypto markets.”

The volatility trade: ‘options look cheap’

This expectation of an “explosive” move is now being actively priced into the derivatives market.

According to Greg Magadini, the Director of Derivatives at Amberdata, the long dry spell of low volatility may be about to end, and options are currently looking cheap.

“After a long ‘dry spell’ for BTC volatility, the US government shutdown could finally be the catalyst to make BTC move a lot,” Magadini told CoinDesk.

This, coupled with the steep contango in implied volatility term structure, makes options look cheap.

That “steep contango” means the market is expecting future volatility to be significantly higher than it is today, making near-term options a relative bargain.

Magadini highlighted the “long straddle”—a strategy that profits from a big price move in either direction—as a preferred way to play the impending volatility boom.

“These catalysts could either cause BTC to rally (as a dollar hedge) or crash (if risk assets panic),” he said, explaining why a bet on pure volatility, rather than direction, is so appealing at this uncertain juncture. The quiet days, it seems, are over.

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October 2, 2025

Bitcoin surges to $112K as Strategy adds 196 BTC, analysts eye $120K potential

Bitcoin hits $112k, fueled by institutional buying.
Strategy added 196 BTC, increasing its holdings to 640,031 BTC.
Analysts see potential for $120,000 but warn of volatility risks.

Bitcoin (BTC) has surged to $112k, fueled by renewed institutional interest and a significant acquisition by Strategy, the world’s largest corporate Bitcoin holder.

Strategy acquires 196 BTC, holdings hit 640,031

Strategy, formerly MicroStrategy, has announced the acquisition of 196 Bitcoin for an undisclosed amount, bringing its total holdings to 640,031 BTC, according to a Form 8-K filing.

Strategy has acquired 196 BTC for ~$22.1 million at ~$113,048 per bitcoin. As of 9/28/2025, we hodl 640,031 $BTC acquired for ~$47.35 billion at ~$73,983 per bitcoin. $MSTR $STRC $STRK $STRF $STRD https://t.co/NnmLONBsRK

— Michael Saylor (@saylor) September 29, 2025

The purchase, funded through the company’s ATM offering programs, outlines Strategy’s position as the leading corporate Bitcoin treasury, with holdings valued at approximately $71.7 billion based on current market prices.

The acquisition follows a pattern of consistent buying, with Strategy adding 850 BTC on September 22, 2025, and 525 BTC on September 15, 2025, at an average price of $114,562 per BTC.

Michael Saylor, the Executive Chairman, has a strategy of leveraging equity and debt financing to accumulate BTC which has solidified the company’s role as a Bitcoin-backed treasury model.

This latest purchase concurs with Bitcoin’s price climbing to $112,500, reflecting a 2.9% increase from $109,525.50 three days prior.

Analysts on BTC price outlook

Analysts are cautiously optimistic about Bitcoin’s price trajectory following its climb to $112,000.

The surge aligns with the Strategy’s aggressive accumulation and broader market momentum, but opinions vary on future movements.

Analysts have projected BTC could reach $150k-$200k in 2025, and institutional adoption and macroeconomic factors are seen as key tailwinds. However, some say volatility means bears may not be done yet.

QCP analysts shared their outlook

“After a volatile September, $BTC is still up more than 3% on the month. Options markets show conviction slowly returning, but the 115k level remains the hurdle to clear for a renewed uptrend.”

Bitcoin at ‘Buy’ for dip level?

According to QCP analysts, the crypto market is showing “signs of recovery” following the carnage seen the previous week. The shakeout that saw BTC trade to under $109k may nonetheless offer a buy-the-dip opportunity.

“Despite sizable ETF outflows, particularly on Friday, spot managed to hold sideways through the weekend. This points to quarter-end basis unwinds as a key driver of redemptions, with markets absorbing the selling pressure more smoothly than expected,” QCP wrote. “With spot rebounding, this week’s ETF flows could set the tone for institutional demand heading into a seasonally bullish month.”

Strategy’s consistent buying is seen as a bullish signal, with potential U.S. policies on digital assets influencing long-term price stability.

If bulls rally, Bitcoin’s ability to break past $117k will be crucial. The level marks a sizable supply wall area and will b pivotal for a breakout above $118k and retest of the $120k mark.