Bitcoin Could Flip $123K Into Support, Potentially Paving Way for 20–30% Rally on Strong On-Chain Data

• Bitcoin aims to flip $123K to support to set the stage for a 20–30% rally.

• On‑chain metrics show 99.4% of BTC supply in profit, indicating broad holder gains.

• Analyst targets cluster at $130K–$133K as retail and institutional activity rises; 24h volume exceeded $70.9B.

Bitcoin price: BTC attempts to flip $123K into support, signaling a possible 20–30% rally. Read on-chain data, analyst targets, and key levels. Watch developments.

Bitcoin attempts to flip $123K into support as analysts project a 20–30% rally, backed by strong on-chain data and rising activity.

By COINOTAG | Published: October 7, 2025 | Updated: October 7, 2025

How is Bitcoin price attempting to flip $123K into support?

Bitcoin price is testing its prior ATH region near $123,000 and forming higher lows, with traders watching for multiple weekly closes above that level. Technical momentum and on‑chain strength suggest that holding $123K would increase the probability of a 20–30% rally toward $130K–$133K.

What is the technical outlook for BTC as it tests $123K?

BTC rebounded from the $121,000 support zone and consolidated around $123,000. Technical indicators show strong buying momentum and a cleared descending trendline from August–September. Analysts emphasize that a few weekly closes above $123K are needed to confirm the next bullish phase.

The breakout above $123,000 followed months of consolidation and repeated rejections. Market behavior indicates recovery momentum supported by stronger buying pressure and consistent liquidity inflows across major exchanges. Traders are monitoring weekly closes and order‑flow at $120K–$124K ranges for confirmation of continuation.

Market quote: Kamran Asghar: “BTC is a ticking clock. The breakout above $124,500 is the trigger for $130,000.” Recent trading indicates support near $120,800–$121,500 and upward targets around $126,000–$128,000.

What on-chain data supports a potential Bitcoin rally?

On‑chain data is currently aligned with bullish price structure. CryptoQuant metrics show 99.4% of circulating BTC in profit, indicating historically high realized gains for holders. This level of profitability typically coincides with elevated market participation and the potential for volatile upside moves.

Which participation metrics matter most?

Key metrics to monitor include active addresses, TVL in DeFi, exchange flows, and 24‑hour trading volume. DeFi TVL, active address counts, and large inflows to exchanges can collectively indicate stronger demand from both retail and institutional segments.

DeFi TVL stands at approximately $8.952 billion, showing continued ecosystem growth. Active addresses are near 767,705, while 24‑hour trading volumes have exceeded $70.9 billion (CoinMarketCap data). These metrics reflect heightened engagement across the network.

What are the key price levels and analyst targets?

Analysts cite short‑term resistance between $126K and $128K and medium targets of $130K–$133K. A confirmed flip of $123K to support with follow‑through volume would increase the probability of reaching those targets.

Frequently Asked Questions

How likely is a 20–30% rally if $123K holds?

If Bitcoin holds $123K on multiple weekly closes, probability for a 20–30% rally rises materially. Confirmation requires sustained volume and continued on‑chain strength alongside reduced liquidation risk for short positions.

How can traders monitor confirmation signals?

Watch for: 1) multiple weekly closes above $123K, 2) rising on‑chain inflows and active addresses, 3) strengthening exchange order books. These signals together increase confidence in breakout sustainability.

Key Takeaways

• Support flip is pivotal: Holding $123K on weekly closes increases odds of a 20–30% rally.
• On‑chain strength: 99.4% of BTC supply is in profit, indicating broad holder gains.
• Watch volume and liquidity: Rising exchange activity and TVL suggest growing participation; monitor weekly closes and order flow.

Conclusion

Bitcoin price is at a critical juncture as it attempts to flip $123K into support. Front‑loaded on‑chain data and technical structure support a bullish case, but confirmation requires multiple weekly closes above $123K and sustained volume. Traders should monitor levels, on‑chain metrics, and exchange liquidity for next steps.