Bitcoin’s breach of $120,000 narrates its latest chapter in a story that’s gone from game money to Wall Street favorite.

With over $2.5 billion in weekly spot ETF inflows and heavyweight firms like MicroStrategy doubling down, this rally has strong institutional legs.

The macro backdrop adds fuel to the fire with expectations of Fed rate cuts in September and a weakening US dollar, now 6.5 points below its 200-day DXY average, directing towards Bitcoin’s bullish momentum.

The road to $150,000 by Q3 looks increasingly plausible, powered by supply scarcity and mounting institutional demand. Still, this isn’t a one-way street.

Profit-taking, rate speculation, and geopolitical risks could spark a short-term pullback, potentially dragging BTC into a $105,000–$115,000 consolidation zone.

Traders should keep a close eye on ETF flows and policy developments because in this cycle, regulation and sentiment may prove just as important as halving math.

Ryan Lee, Chief Analyst at Bitget Research

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