Bitcoin (BTC) Surges Past $116,000, Will $120,000 Be Reached Next?

Updated

October 2, 2025

Gambar Bitcoin (BTC) Surges Past $116,000, Will $120,000 Be Reached Next?

Jakarta, Pintu News – Despite the US government shutdown, the value of Bitcoin managed to break the $116,000 mark with a daily gain of 3%. This is the first shutdown since 2018 caused by the political impasse over healthcare funding.

Approximately 750,000 federal workers were furloughed, with potential losses reaching $400 million per day. However, risk assets seemed to shrug off the initial concerns and continued to show strong performance.

Bitcoin ETFs and Crypto Market Inflation

In September, spot Bitcoin ETFs in the US recorded a net inflow of $3.53 billion, with the peak occurring on September 30 at $429.9 million. BlackRock, Ark, and Fidelity were the major players in this. On-chain and derivatives data indicate healthy conditions in the market, with leverage adjustments and normalization of funding levels allowing Bitcoin (BTC) to continue its uptrend.

Technical analysts observed the formation of a bull flag pattern for several weeks, with the price currently pressing the upper limit. This pattern is often seen before a significant price spike. In addition, seasonal factors are also in favor, with October usually showing strong performance after a positive close in September.

Also Read: 5 Reasons Eric Trump’s IDR16 Billion Bitcoin Prediction Could Be Real

Critical Levels of Bitcoin to Watch

In the short term, Bitcoin’s resistance is around $117,500. If Bitcoin manages to close the day above this level, it could pave the way towards $119,300 to $120,300, with a psychological target near $120,000. The order book heatmap shows that there is significant short liquidity between $118,000 and $119,000, which could trigger a squeeze if these levels are successfully broken.

On the other hand, the bulls are looking to defend the $114,800 to $115,200 zone first, then the $112,000 pivot that was identified before the bounce. Below that, there is a larger pocket of liquidity at $107,000 to $108,000.

Long-term Optimism and Its Impact on the Market

Telegram’s Pavel Durov even revived long-term optimism by confirming a Bitcoin (BTC) target of $1 million, which is driven by fixed supply as opposed to money printing. This sentiment often arises during mid-cycle expansions. With the current stable market conditions and support from fundamental and technical data, the outlook for Bitcoin seems to continue to be positive heading into the fourth quarter of this year.

Cover: Bitcoin’s Prospects Amid Global Uncertainty

Despite facing challenges from global political and economic uncertainty, Bitcoin (BTC) continues to show resilience and growth potential. With support from technical and fundamental factors, as well as growing interest from institutional investors, Bitcoin seems poised to reach higher price levels in the future.

Also Read: 5 Reasons XRP Could Hit IDR66,000 by the End of 2025: ETFs, Fed, & Crypto Market Momentum

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*Disclaimer

This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Crypto trading activities are subject to high risk and volatility, always do your own research and use cold hard cash before investing. All activities of buying andselling Bitcoin and other crypto asset investments are the responsibility of the reader.