Bitcoin Price Prediction: Will Uptober Push BTC Beyond $120K This Time?

Bitcoin trades at $114,285, down 0.16% on the day, with $58.2 billion in 24-hour volume. Despite the slight pullback, the world’s largest cryptocurrency is holding firm above key support levels, while fresh debates, bold predictions, and state-level interest keep momentum alive.

Debate Over Bitcoin’s Future Use Cases

The Bitcoin community is split ahead of the expected release of Bitcoin Core v30. It would remove the long-standing 80-byte OP_RETURN data limit. Ultimately, this change would allow larger non-financial data storage directly on-chain. However, it’s raising questions about BTC’s purpose.

Critics argue that this move contradicts Satoshi Nakamoto’s original vision of Bitcoin as a peer-to-peer currency. Whereas, advocates see new opportunities for applications built on top of BTC’s base layer.

The dispute highlights how BTC often evolves through incentives rather than strict rules. While purists warn of business interests pushing for more storage, developers and miners see potential revenue streams and new use cases.

It’s another reminder that Bitcoin’s identity continues to expand, blending currency with broader digital utility.

Draper and States Fuel Adoption Hopes

And billionaire investor Tim Draper says retailers will eventually only accept Bitcoin. While most institutions, including Michael Saylor’s Strategy Inc., view BTC as a long-term store of value, Draper says that when major retailers accept Bitcoin, it will trigger organic spending.

He’s put his money where his mouth is with investments in Coinbase and Robinhood, both key players in the crypto infrastructure.

Meanwhile, Massachusetts lawmakers are considering a bill that would allow up to 10% of the state’s stabilization fund to be allocated to Bitcoin reserves. The bill faces hurdles in a Democrat-controlled legislature, but it’s a sign of growing recognition of Bitcoin as a strategic asset at the state level, following Texas and New Hampshire.

• Draper predicts future retail adoption of BTC.
• Massachusetts considers a state Bitcoin reserve.
• Institutional confidence continues to expand.

Bitcoin Technical Outlook: Uptober Rally in Focus

On the charts, Bitcoin is consolidating near $114,154 after last week’s sharp breakout from a descending channel that defined September’s pullback. Price is now resting just below resistance at $114,741, with the 100-period SMA at $112,808 serving as a strong support floor.

The Relative Strength Index (RSI) has cooled to 60 from overbought levels near 80. It signals a healthy reset that preserves the bullish structure. Recent short-bodied candlesticks suggest indecision, but the pattern resembles an ascending triangle, a common continuation setup after strong rallies.

If Bitcoin defends its higher lows, a breakout above $114,741 could propel the price toward $116,150 and the September peak of $117,850, with a run at $120,000 possible if momentum holds. A breakdown below $113,000, however, would expose $112,600 and the 50-period SMA at $111,680.

For market participants, long positions remain favorable on a confirmed breakout above $114,700, targeting $116,150 and $117,850, with stops placed just under $112,600.

With seasonal “Uptober” optimism aligning with these technical signals, Bitcoin may not only push higher but also spark broader rallies across Ethereum, XRP, and Solana.

Presale Bitcoin Hyper ($HYPER) Combines BTC Security With Solana Speed

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