Bitcoin Price Prediction: Upcoming US Data Could Send BTC to $120K

Highlights:

• Bitcoin is moving towards the $112,318 resistance
• Rally through this resistance could trigger a rally to $120k
• Upcoming US jobs data could push BTC to $120k

Bitcoin (BTC) has changed a little today, a continuation of the weak price action it has reflected throughout the week. At the time of writing, Bitcoin was trading at $111,451, up by 0.28% in the day. However, trading volumes are up strongly in the day. When writing, Bitcoin trading volumes were up by 11.82% to $62.88 billion. This rise in volumes when the price is making little gains indicates that the underlying demand for Bitcoin is on the rise. There are a couple of factors driving the rising interest in Bitcoin despite the price not moving much. 

Upcoming US Data Could Trigger BTC Rally to $120K

 One of them is the labor data that the US will release today. At 8:30 am ET, the US will release data on August jobs. This is expected to be the real indicator that the Federal Reserve could cut rates within the month, especially if the data points to weakness in the labor market. The stock markets are already hinting at such a possibility as they have been rallying for the last 24 hours.

Bitcoin is likely to follow suit since a clear indication of a rate cut would be an indicator that money could be about to flow into risk-on assets. Bitcoin, in particular, would be primed to benefit from such a move from the market for two reasons. First, it has a history of parabolic gains, as with all other cryptocurrencies. As such, investors seeking outsized gains in a risk-on environment would find Bitcoin to be quite attractive.

Second, Bitcoin is a highly scarce asset. This means a surge in demand once the markets become sure that a rate cut is coming could send  Bitcoin to new highs. Many analysts are in agreement that Bitcoin could trade anywhere between $150k and $200k within the remaining part of the year.

🚨 REMINDER:

🇺🇸 U.S. INITIAL JOBLESS CLAIMS DATA WILL BE RELEASED TODAY AT 8:30AM ET.

EXPECT HIGH VOLATILITY! pic.twitter.com/YXzeIhWjbD

— ᴛʀᴀᴄᴇʀ (@DeFiTracer) September 4, 2025

Bitcoin Hash Rate Hits Record Highs

Besides Bitcoin’s quiet ahead of the US jobs data, the underlying demand for Bitcoin is at the highest level it has ever been. Data shows that the Bitcoin network hashrate is at record highs. This is a strong indicator that miners will have an elevated confidence in the Bitcoin network in the future. It is also one of the strongest signals of rising demand for Bitcoin.

The rising hash rate correlates with the recent growing institutional demand for Bitcoin. Data indicates that corporate ownership of Bitcoin is on the rise, with public companies now holding 1 million Bitcoin in treasuries. Analysts believe this is driven by a need to safeguard against inflation by holding a non-correlated asset.

New Record Global Bitcoin Mining Hashrate
975,000,000,000,000,000,000x per second pic.twitter.com/PB0N3TyV1X

— Documenting ₿itcoin 📄 (@DocumentingBTC) September 1, 2025

Bitcoin Demand Through ETFs On the Rise

Even more organizations are moving to buy Bitcoin through ETFs, which have continued to become an easy avenue for anyone looking for an easy way to own Bitcoin. All this demand continues to chase an increasingly shrinking supply. Based on the economics law of demand and demand, the surge in demand that is chasing an increasingly low amount of Bitcoin on exchanges could see Bitcoin rally to prices above $200k within the year 2025.

Although central banks are buying Gold and not #Bitcoin, the adoption of the Bitcoin ETFs is nothing short of incredible so far.

This, coupled with over 5% of $BTC max supply now being held by publicly-traded companies, should give a clear signal that Bitcoin is here to stay. pic.twitter.com/yDPTHpA1Pb

— ₿ob Van Kirk, CTP (@bobvankirk) September 4, 2025

Technical Analysis – Bitcoin Makes V-Shaped Recovery

Bitcoin has, in the last 24 hours, made a V-shaped recovery off the $109,410 support. If this momentum continues, the key level to watch in the day will be the $112,318 resistance.

A rally through the $109,410 resistance could retest $120k in the short term. On the other hand, if bears take control, Bitcoin would drop to the $109,410 support. Of these two scenarios, the odds are higher for a rally to $120k could follow. That’s because of the upcoming US data that is expected to set the pace for a rate cut in the short term.