Bitcoin Holds $122K as Bulls Eye $140K Despite Market Pullback
8/10/2025
Bitcoin is trading around $122,000 in Wednesday’s Asian session after reaching a record high of $126,200 earlier this week. Despite the recent dip, some analysts remain bullish on a potential rise to $140,000 by month-end.
Economist Timothy Peterson noted on X that Bitcoin has a roughly 50% probability of finishing October above $140K, based on simulations using a decade of historical data. Conversely, there’s a 43% chance BTC could close below $136K.
The cryptocurrency has gained nearly 10% since October began, supported by record U.S.-listed ETF inflows and a withdrawal of coins from centralized exchanges. Exchange balances are at a six-year low of 2.83 million BTC, with 170,000 coins removed in the past month, limiting downside pressure. U.S. spot ETFs have added over $60 billion since January 2024, including $3.2 billion last week alone.
Despite technical strength, macroeconomic uncertainty persists. The ongoing U.S. government shutdown has delayed key economic data, leaving the Fed’s policy path unclear. Analysts warn that upcoming FOMC decisions and corporate earnings could either fuel the rally or trigger a pullback.
Profit-taking over the past 24 hours has dragged Bitcoin down 2%, while altcoins like XRP, Solana (SOL), Ether (ETH), and Cardano (ADA) fell 5–7%. BNB Chain’s BNB rose 1.5%, standing out amid fresh ecosystem activity.
$125,000 remains a key support level. ETF flows and whale activity provide a cushion, but market participants are watching macro developments closely to gauge whether BTC can sustain its bullish momentum.
