Bitcoin Recovery Gains Traction as Analysts Target $123K Breakout

Bitcoin has regained its bullish footing, with analysts from 10x Research pointing to a potential rally toward $123,000.

The firm’s latest Bitcoin Chart Book highlights that the world’s largest cryptocurrency has reclaimed its 20-day moving average — a technical milestone that often signals the start of a fresh upward phase.

According to the report, the recovery above short-term moving averages is a positive structural sign for the market. As long as Bitcoin stays above the 13-day moving average at $109,989, the bullish bias remains intact. “Reversal signals are improving and still have room to expand,” the analysts wrote, suggesting that the market may have reached a near-ideal level for accumulation.

Technical Rebound Gains Momentum

After briefly dipping below key supports earlier in October, Bitcoin’s rebound has been driven by a renewed wave of buying interest. The price has now stabilized around the $114,500 region, supported by a cluster of technical levels between $109,000 and $111,000. This range, according to 10x Research, will serve as a key buffer against renewed volatility.

The report notes that while the “ideal reset” conditions during the last correction were not fully achieved, Bitcoin came close enough to attract traders back into the market. The recent upturn in reversal indicators adds weight to the view that the market has regained momentum, opening the door for a continuation of the broader uptrend.

10x Research’s chart shows a clear structure of rising support levels since mid-August, forming a steady ascending pattern even amid fluctuations. This technical resilience has helped Bitcoin maintain its medium-term bullish outlook, despite several sharp pullbacks over the past two months.

Key Support Levels to Watch

The 13-day and 20-day moving averages have now become the main short-term supports to monitor. The analysts suggest that stops should be placed slightly below these levels to protect against downside risk. A decisive close beneath the 20-day line could weaken the bullish setup, but as long as Bitcoin stays above $109,989, sentiment is expected to remain positive.

The broader trend also shows early signs of strength on higher time frames. 10x Research emphasized that the weekly and monthly charts are beginning to align in favor of the bulls, supported by improving reversal dynamics. This alignment could reinforce the likelihood of a sustained push toward $123,045 — the firm’s next major resistance target.

Market Sentiment and Broader Context

Market sentiment has also improved after a volatile start to October. Bitcoin’s ability to recover swiftly from sub-$110,000 levels has reassured traders who feared a deeper correction. Analysts note that this stabilization reflects stronger conviction among long-term holders, many of whom accumulated during the recent dip.

While 10x Research’s outlook remains technically focused, it coincides with a broader narrative of optimism across risk assets. Equity markets have climbed to fresh highs, with the S&P 500 recently setting a new all-time record. Meanwhile, macro traders are eyeing upcoming policy updates from the U.S. Federal Reserve and an expected meeting between U.S. and Chinese leaders, both of which could influence global liquidity conditions — a key driver for Bitcoin’s next major move.

Toward the $123K Target

The near-term goal identified by 10x Research — around $123,045 — represents a critical resistance area where Bitcoin last stalled in September. Breaking through this level could pave the way for an extended move toward the upper $120,000 range, potentially establishing a new multi-month high.

For now, the focus remains on holding above the recently reclaimed support zones. “As long as price holds above short-term support, the bullish bias stays intact,” the firm reiterated in its report. Traders are likely to watch for confirmation through higher daily closes and increasing trading volume — both indicators that could validate the ongoing rebound.

If momentum continues to build, Bitcoin may be on track for another strong leg upward, positioning itself for a retest of previous peaks before year-end.

The information provided in this article is for educational purposes only and does not constitute financial, investment, or trading advice. Coindoo.com does not endorse or recommend any specific investment strategy or cryptocurrency. Always conduct your own research and consult with a licensed financial advisor before making any investment decisions.

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