Bitcoin Price Prediction – $120K A Realistic Target Despite Ongoing Consolidation

Highlights:

• Bitcoin is currently range-bound ahead of the US inflation data print
• Traders are staying away to avoid being hurt by volatility 
• Bitcoin is likely to push higher medium term, regardless of the US inflation data 

Bitcoin (BTC) continues this week’s range-bound trading. At the time of going to press, Bitcoin was trading at $108,587.47, down by a marginal 0.32% in the day. Trading volumes are also little moved in the day. When writing, Bitcoin trading volumes stood at $52.01 billion, down by a marginal 0.90% intraday. Bitcoin’s price action and its volumes point to an asset that holders are not selling despite the lack of action. It points to investors taking a long-term view, even as traders take a back seat ahead of confirmation of the upside that Bitcoin has recorded. 

Upcoming US Data Keeping Bitcoin In a Narrow Range But Sentiment Bullish

The short-term range-bound trading for Bitcoin can be attributed to the upcoming US inflation print tomorrow, May 30. The release of such data usually triggers an increase in volatility across the markets, which tends to hurt short-term traders, both those long and short on assets. This explains why Bitcoin has remained unmoved for several days in a row. However, the fact that long-term holders are not selling indicates that they do not expect the upcoming data release to have an adverse impact on Bitcoin.

9/ ➮

✯ On May 30 we get the April PCE – the Fed’s favorite inflation print

✯ This report is arguably more important than CPI or payrolls now

✯ Powell has openly said PCE guides policy more than headline CPI

✯ This is your final catalyst before summer volatility takes… pic.twitter.com/eTyJZUuRTg

— Skynet Insights (@Skynet_insights) May 27, 2025

The prevailing sentiment is that the Federal Reserve will cut rates at least twice this year. Such a move is expected to drive money into risk assets, and Bitcoin and the cryptocurrency market as a whole have proven themselves to give an outsized return on risk. Besides, Bitcoin is also increasingly living up to its hype as digital gold. This would mean that even if the upcoming data points to a possible turn toward risk-off assets, Bitcoin could still hold its value well relative to other asset classes such as stocks. In essence, whatever comes off the upcoming US core CPI print data, Bitcoin is likely headed higher. 

Court Scraps President Trump’s Tariffs – Positive Signal for Bitcoin Price

Bitcoin could also benefit substantially from the latest news coming from the US about tariffs. A US court yesterday pronounced itself on tariffs, stating that the President did not have the power to carry out unilateral tariff declarations. Today, the President has been given 10 days to roll back all the tariffs he has announced so far under emergency powers. This could have far-reaching implications on the market if implemented.

Good. It seems some Americans are finally “waking up”.

Trump suffers defeat: US court rules most of his global tariffs illegal — Bloomberg pic.twitter.com/8c0iHUnqzc

— Maria Schmid – 🇵🇹 (@MariaSc90701399) May 29, 2025

For a start, it would mean that the Fed’s fears of inflation would disappear, and they could move to cut rates more aggressively. It would also mean that Congress would take a more central role in shaping US trade policy. This would mean stability in the markets, a factor that could work well for Bitcoin, given that it is still within its 4-year bull cycle. 

US Pro-Crypto Policies Likely to Push BTC Higher

Besides a potentially positive shift in the macros, Bitcoin stands to benefit from President Trump’s friendly approach to cryptocurrencies. The US Vice President made note of this during his speech at the Bitcoin Conference on May 28. He pointed out that cryptocurrencies have a champion at the White House in President Trump. The increasingly pro-crypto policies in the US, coupled with a possible end to the uncertainties the market has experienced so far, could send Bitcoin to new highs.

🔥 VP JD VANCE: “CRYPTO IS A HEDGE AGAINST BAD POLICY” IN FIERY BITCOIN 2025 SPEECH

At the Bitcoin 2025 Conference in Las Vegas on May 28, Vice President JD Vance delivered a searing keynote defending crypto and slamming the political establishment:

“Crypto is a hedge against… pic.twitter.com/thTWlBnbvd

— Crypto Jargon (@Crypto_Jargon) May 29, 2025

Technical Analysis – Bitcoin Price Stuck at Resistance

Bitcoin is struggling at the $109,244 resistance for the second week in a row. If Bitcoin bulls, driven by an improving macro environment, push Bitcoin through $109,244, then a rally to prices above $120k could follow.

On the other hand, if bulls fail at $109,244 and bearish sentiment takes over the market, Bitcoin could drop to $104,147, now a critical support level. While any of these two scenarios could play out, the odds are higher for a rally to $120k and higher. This is mainly due to the move by the US courts to do away with Trump’s tariffs that generated uncertainty in the global economy.