Bitcoin Price Prediction: BTC Could Rally to $120K If Jobs Report Hints at Rate Cut

Highlights:

• Bitcoin is consolidating between $111,425 resistance and $110,656 support
• The upcoming jobs report could trigger a rally through the $111,425 resistance
• Rally could see Bitcoin rally to $120k in the short term

Bitcoin (BTC) is little changed today, reflecting the ongoing lack of price action across the market. At the time of going to press, Bitcoin was trading at $110,716, up by 0.42% in the day. However, volumes are rising in the day, up by 10% in the last 24 hours to stand at $72.2 billion. This volume rise, even as the price has barely moved, indicates that big players are taking advantage of the market to accumulate Bitcoin. There are already clear indicators of this accumulation happening at the moment.

Whales Scale Down on Selling Bitcoin

One of these indicators is data indicating that whales have started scaling down on Bitcoin selling. In August, there was a period where whales sold aggressively, which affected the price of Bitcoin considerably. It is part of the reason Bitcoin retraced from over $120k to prices under $110k, triggering fears of further decline. This is changing. The Satoshi era whales have slowed down on selling, while institutional demand for Bitcoin continues to rise. The result is that Bitcoin demand will likely keep putting a lot of pressure on the supply, and trigger a price rocket as broader market dynamics improve.

Same whale that's been selling Bitcoin for the past few days. 2k left to sell out of 10k. pic.twitter.com/lcXz41dBor

— Going Deeper (@goingdpr) August 31, 2025

Expectations of A Rate Cut Could Boost Bitcoin Price

Already, there are signs that the broader market could be set to improve. During the Jackson Hole Symposium back in August, the Federal Reserve Governor took a softer stance on interest rates, hinting that they could cut them this month. Markets are excited because a rate cut would stimulate growth and drive capital into risk-on assets. Bitcoin is best positioned to do better than most assets in a risk-on environment. That’s because, as an asset class, cryptocurrencies have proven to outperform traditional asset classes. At the same time, Bitcoin is a highly scarce asset, and a surge in liquidity chasing above-average returns could trigger a rally to new all-time highs.

7/
Macro right now = The Fed.

Markets are pricing an 91% chance of a rate cut this month.

Historically, that’s rocket fuel for altcoins.
Here’s why:

Big money into $BTC → small move.
Big money into $SOL or smaller caps → explosion. pic.twitter.com/91LTb6V60d

— adrian defi (@0xadriandefi) September 3, 2025

Upcoming Jobs Report Likely to Bring Immediate Boost for Bitcoin

This week, expectations around a possible interest rate cut are already evident in Bitcoin’s price action. Bitcoin’s price is unmoved today because markets are waiting for the US jobs report that will be released on Friday, September 5. If the data points to an urgent need for a rate cut to bolster the jobs market, it could excite markets. The result is that Bitcoin could rally in the short term. Some analysts believe that if a rate cut is confirmed, the ongoing Bitcoin consolidation could be followed by a rally to $150k in the short term.

🚨 Big Jobs Report Friday🚨 Markets are watching job data closely given last month's surprise weakness.

Plus important data for Feds:

Jobs: JOLTS, ADP Jobs, Jobless Claims
Inflation: ISM services, PMI, Beige book

❤️this, keep it on hand and see 👇 pic.twitter.com/3p4NsBKNz3

— Peter Tarr (@ProfitsTaken) September 1, 2025

Some Analysts Cautious On Bitcoin In September

However, some analysts are urging caution for Bitcoin in the short term, regardless of the ongoing macro issues. The caution comes from Bitcoin’s history, which has always shown some weakness in September. This has seen traders cautiously approach the market amid fears that Bitcoin could drop below $100k within September. Nonetheless, this has not led to mass selling, indicating that the market expects Bitcoin to negate this history, particularly due to the upcoming rate. With whales slowing down on selling, a rally could be a more likely scenario.

market’s red and everyone’s panicking… but it’s september, what did you expect?

historically the worst month for both stocks & crypto:
• institutions come back from summer + take profits
• funds reshuffle portfolios
• thin liquidity = easy shakeouts

btc’s average september… pic.twitter.com/gRns9zKJD3

— Milana (@MilanaMayes) September 1, 2025

Technical Analysis – Bitcoin Price In A Narrow Consolidation

Bitcoin is trading narrowly between the $111,425 resistance and $110,656 support. If there is an upside breakout through the $111,425 resistance, then a rally to $113,246 in the short term.

Positive news on interest rates after the upcoming jobs report could trigger a rally to $120k short-term. On the other hand, if bears take control and push Bitcoin through the $113,246 support, a correction to $107,415 could follow in the short term.