Will Bitcoin Hit $120K? Yeah, Maybe, If You Believe in Magic

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Key Takeaways… or Not

JPMorgan’s calling Bitcoin undervalued-like that’s some revelation. MVRV, ETF flows, shrinking reserves-basically, everything except my patience. Meanwhile, Bitcoin’s big rebound depends on holding $104K, but hey, we’re aiming for $120K-sounds about right, or wishful thinking? 🤷‍♂️

Since mid-2025, institutional confidence in Bitcoin’s been growing-probably because they finally figured out you can’t eat volatility for breakfast anymore. Volatility has dipped to near 30%, the lowest ever-probably just in time to surprise us all with a rollercoaster ride.

JPMorgan’s out here saying Bitcoin’s undervalued compared to gold. Yeah, because people love a macro hedge that sometimes feels like a rollercoaster with no seatbelts. 🎢

Supporting this, the MVRV Ratio’s chilling at 2.1-way below the “overheated” zone near 4. So, no, it’s not a good time to panic. Exchange reserves are shrinking, ETF inflows steady-like people finally waking up to the fact that investing in a digital gold rush might be smarter than betting on gold itself.

So, yeah, on-chain signals plus institutional chatter… basically, Bitcoin’s value should be higher. Or maybe it’s just wishful thinking. Time will tell.

Can Bitcoin bounce back and hit $120K? Or is this just a fantasy?

Right now, Bitcoin’s trading around $108,450-kind of bouncing off that $104.7K support level, which is just fancy talk for “please don’t crash, okay?” Looks like it could go to $112K, maybe even $120K-because why not? That’s the dream, at least.

The RSI’s sitting near 37, which is about as oversold as a used car-you get the idea. Weakening downside pressure? Sure, but don’t get cocky. If it slips below $104K, then hello, $100K. Oh, the excitement!

Next stop? The $104K-$108K range-the line in the sand, or in this case, the line at the bottom of the pit.

Is the futures market cooling down? Or just taking a nap?

Derivatives are showing less activity-like everyone’s taken their toys and gone home. Fewer futures, less leverage-basically, more stable… or just bored?

Lower leverage often means less chaos, which might be good or bad depending on your perspective. Maybe they’re just waiting for the next big fireworks show-fewer fireworks, more patience, right? Institutional investors love these sleepy periods-they’re hiding in the shadows, probably laughing at all of us.

And now, some numbers everyone loves to ignore: Network Value to Transaction Ratio

Bitcoin’s NVT Ratio dropped over 23%, to about 23.7-like it’s trying to keep a low profile. This means the network’s transferred value’s improving against its market cap-good news, or just statistical mumbo jumbo?

But hurry, keep that ratio low. Elevated levels? Usually a sign that things are about to blow up-overheated valuations, the classic “uh-oh” moments.

So, will Bitcoin actually hit $120K? Or is this wishful thinking?

JPMorgan’s thesis about undervaluation, combined with all the on-chain improvements and technical resilience-sounds convincing, or maybe just wishful thinking. If Bitcoin can stay above $104K, the dream of $120K isn’t dead yet. Or so they say.

With futures cooling off and NVT ratios low, perhaps there’s a glimmer of hope-or we’re just grasping at digital straws. Either way, stay tuned, or don’t-your call.

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2025-08-31 02:03