Bitcoin’s Target is $120,000, with an upcoming Short Squeeze

The following are key points.

• BTC Shorts are being punished as Bitcoin reaches new highs in August.

• A retracement that is made early can easily turn into an investment of $120,000.

• CME’s gap of $116.500 could be the next possible local low.

BitcoinBTCThe ‘Italian Super Bowl’ was able to reach $119,000 by Sunday “decisive” Weekly close: Traders expected a good week.

Bitcoin traders prepare for massive short squeeze

The Data of Cointelegraph Markets Pro You can also find out more about the following: TradingView showed BTC/USD reaching $118,760 on Bitstamp, marking new August highs.

“Out-of-hours” According to data from the monitoring resource, weekend crypto trading was characterized by increased liquidations. The 24-hour total of $350 millions. CoinGlass.

Crypto-prognostications, in their comments on the structure of the markets, were favorable to a further rise into the next week.

“BTC is on the cusp of a reclaiming ~$117200 back into support,” Rekt capital, a popular analyst and trader, wrote an article in his latest X post Weekly Chart

“Bitcoin is hours away from a decisive Weekly Close.”

BitBull is a well-known trader who believes that TradFi’s markets will reopen on Monday and the weekend movements can be reversed. However, BitBull also said there were hopes for new record highs.

“Just a 10% upward move will cause $18B+ in short liquidations and big money is probably watching it,” He suggested About liquidity conditions 

“My guess is that Monday could be a bit bearish with BTC retracing its weekend pump. After that, we could see a move above $120,000.”

A chart that supports the break-out thesis compares current BTC/USD with previous bull markets.

Merlijn, a fellow trader, agreed to the target of $120,000 based on an anticipated short squeeze.

$BTCThis is the next step:

Overhead, we can see the biggest liquidity pool seen in recent weeks.

If you’re short here… God help you.

SHORT PUSH LOADING. pic.twitter.com/VXmExKH3jj

— Merlijn The Trader (@MerlijnTrader) August 10, 2025

BTC Price CME Gap at $116.500 is on the radar

Ted Pillows, an entrepreneur and crypto-investor, suggested the price would reverse in that direction. continue to coincide The following are some examples of how to use “gaps” CME Group offers Bitcoin Futures.

Related: Bitcoin Energy Value metric says ‘fair’ BTC price is as much as $167K

“There’s a CME gap around $116.5K, which will most likely be filled,” He summarized Part of a post X. 

“This week, BTC dropped $2K to fill last week’s CME Gap. After that, Bitcoin could rally towards a new ATH.”

Daan Crypto Trades described the weekend’s movements as “choppy” Instead of trending.

“Most focus is on $ETH breaking its cycle highs and alts making all kind of moves,” He arguedThe largest altcoin is Ether.ETH( ) hit multiyear highs. 

“Would assume BTC takes the spotlight again for a bit the moment it breaks $120K+ and gets close to its own all time high again.”

The article is not intended to provide investment advice. Each investment or trading decision involves some risk. Readers should do their own research before making any decisions.