Bitcoin Price Prediction: BTC Could Rebound to $123K If Intraday Suppport Holds

Highlights:

• Bitcoin is currently consolidating between $116,713 and $114,867
• A rally through the $116,713 resistance could see Bitcoin hit $123k
• Rising institutional adoption is likely to drive adoption 

Bitcoin (BTC) is in the red today, continuing the downtrend that started towards the end of last week. It has dropped from close to $120k to $115k. At the time of writing, Bitcoin was trading at $115,502, up by a marginal 0.48% in the day. However, the upside is so marginal that it barely dents the losses that Bitcoin has experienced so far. Trading volumes are also up in the day. 

When going to press, Bitcoin trading volumes were up by 5.99% to $65.11 billion. This increase in trading volumes on a day with weak price action indicates that short-term holders are still liquidating their Bitcoin longs. Looking ahead in the short term, a confluence of factors could see Bitcoin head lower before it makes a significant rebound. 

Technicals Paint A Bearish Short-Term Picture

One of these factors is about technical analysis. The Bitcoin market structure is largely bullish. This is evident in that Bitcoin and most cryptocurrencies are currently trading above the 200-day Moving Average. However, due to the recent correction, over 55% of cryptocurrencies are now trading below the 50-day Moving Average in the short-term frames. The result is a perception among traders that bears are in control. As such, until there is a change in the short-term market structure, the odds are high that Bitcoin could keep pushing lower, trying to find a significant demand level.

⚠️ Both crypto and TradFi are softening short-term. Data shows: 🔻 50% of major coins & stocks now below their 50-day SMAs. ✅ But most still hold above 200-day — long-term trend intact. All eyes on macro as Powell’s Jackson Hole speech nears. #Macro #CryptoMarkets #DeFi #TradFi… pic.twitter.com/uS5Lwy1LVN

— ₿itBlitz (@BitBlitz) August 19, 2025

Macro Environment Points to More Correction

Outside of the technicals, the macro environment is currently not favorable to Bitcoin. Recently, the US economic data pointed to rising wholesale prices. This is interpreted to mean that these higher prices will soon be pushed onto consumers. As such, the odds of inflation remaining high have shot up.

The result is that the hopes that markets had built up that rates could start dropping in September have vanished. By extension, the odds of a major flow into risk-on assets like Bitcoin has declined. This happening at a time when the market structure is short-term bearish could push Bitcoin lower in the short to medium term. It is one of those factors that could see Bitcoin drop to around $110k before rebounding.

Last month, wholesale prices rose at the fastest pace since COVID. Donald Trump and House Republicans are breaking their promises and making life harder for working families with reckless tariffs and a Big, Ugly Bill that raises grocery, health care, and utility costs. pic.twitter.com/OcgeWFsWEg

— Rep. Brad Schneider (@RepSchneider) August 18, 2025

Institutional Adoption Likely to Drive Bitcoin Rebound

However, some factors could negate the bearish short-term price action. One of them is that institutional interest in Bitcoin is on the rise. Strategy, the world’s largest Bitcoin corporate holder, continues accumulating. Strategy has bought 430 Bitcoin, bringing its total Bitcoin holdings to 629,376.

🚨 BREAKING 🚨
Michael Saylor’s Strategy just bought 430 Bitcoin worth 49.47 million dollars.

He is still buying because his conviction never changed.

In 2013 he called Bitcoin a fad and held zero BTC for years.
In 2020 he flipped and made the first buy of 21,454 BTC with 250… pic.twitter.com/LgwUKnD3NH

— Shontz (@sxontz) August 18, 2025

At the same time, reputable market analysts still hold bold end-of-year predictions for Bitcoin. According to analysts at VanECK, Bitcoin could end the year at $180k. Top trader Peter Brandt has also made a bold prediction, noting that Bitcoin could rally to $145k by September. Such bold predictions are likely to trigger more investors, both retail and institutional, into Bitcoin, and help minimize the risk of any major downside risk.

VANECK, THE GLOBAL ASSET MANAGER WITH OVER $115 BILLION IN AUM, PREDICTS #BITCOIN WILL HIT $180,000 BY THE END OF THE YEAR pic.twitter.com/yUY65GxXvx

— Blacksea (@333blacksea) August 19, 2025

Technical Analysis – Bitcoin Finds Support After Multi-Day Correction

After a correction that started on August 14, Bitcoin has found strong support at $114,867. It is currently consolidating between this support and the $116,713 resistance. 

If bulls take control and push Bitcoin through the $116,713 resistance, then a rally to $123,904 could follow. On the other hand, if bears take control and push Bitcoin through the $114,867 support, then a correction to $110k could follow.