Key points
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The call for a Bitcoin move to $87,000 is picking up pace during a tight consolidation.
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BTC has been trading in a narrow band around $88,000–$90,000.
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A leading analyst sees a possible reversal that could extend toward $120,000.
Market watchers remain upbeat on the Bitcoin outlook, even as price action stays muted. BTC has spent the last several sessions moving sideways and has not managed to push past the $90,000 barrier. That pause, however, has not shaken confidence among analysts, many of whom think the pullback is close to running its course.
Several macro factors are under review. The recent rate hike by the Bank of Japan drew attention, but traders largely believe it was already priced in, as it failed to trigger a sharp move in BTC. At the same time, expectations around a year-end Santa rally are adding a positive tone to sentiment, keeping bullish views alive.
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Bitcoin trades sideways as demand cools
At the time of writing, Bitcoin was up about 0.5% on the day, trading near $88,600. Volume, though, dropped sharply by more than 50% to roughly $16 billion. Over the past 24 hours, BTC moved between $87,850 and $89,027. Looking back a month, price has swung between a high of $94,601 and a low of $80,659, showing how choppy conditions remain.
A dip in institutional activity has also weighed on mood. US spot Bitcoin ETFs posted a net outflow of $158.3 million on December 19. One fund accounted for the bulk of that figure, and weekly data showed nearly $500 million in outflows, with just a single day of inflows.
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Analysts stick with the $100K target
Source: TradingView
Despite mixed signals, analysts continue to stand by the $100,000 target. One widely followed trader said the current range could hold through the weekend, adding that the coming week may bring short-term downside pressure. Even so, he expects any dip to be brief, followed by a fast rebound.
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His technical view points to a bounce zone that could lift BTC toward $98,000–$102,000. Another analyst echoed that stance, arguing the correction phase has already played out. The chart he shared suggests room for a much stronger push, with a possible extension toward $120,000.
Taken together, these views suggest that while Bitcoin remains stuck in consolidation for now, many traders see the setup for a sharp move higher once momentum returns, with $100,000 still the main level in focus.
