Bitcoin Price Today: Crosses $122K, Uptober Prevails, Path to $137K

Bitcoin (BTC) price today has carved a textbook “W pattern” on the weekly chart . It faces a decisive test to maintain $122,000, with a potential upside until $137,000.

Analyst Crypto Rover lays out a thesis for the fourth quarter, reconstructing the anatomy of the W pattern.

The market set a low, rallied to the neckline around $117,000. It then pulled back to a higher low, and then reclaimed the neckline.

The structure projects a measured move toward roughly $127,000, which he calls the first logical target once $122,000 is conquered.

A confirmed weekly close above $122,000 signals the trend into the final leg of the current bull cycle.

Bitcoin price today traded at $122,985.23 as of press time, up by 2% in the past 24 hours.

Bitcoin Price Today, Prediction to $137,000

Analyst crypto Rover then shared his intention to realize partial profits at the $130,000 price level and subsequently close his long positions at $137,000.

Additionally, he considers a tactical short after Bitcoin touches the pointed final level. He anchors that view in prior cycle timing.

He noted that historical tops tend to arrive about four to six weeks after this kind of late-stage breakout.

The emphasis is not on a date, but on the pattern plus confirmation. A weekly close above $122,000 indicates that the breakout remains unproven.

However, clearing this level opens the path to $127,000 and $137,000 next.

The same weekly chart packs the downside map. Horizontal and Fibonacci zones line up in layers that have repeatedly arrested pullbacks in this cycle.

The green band around $69,000 marks the prior one-to-one extension area and a psychological pivot from the last expansion.

Below that, the 1.368 extension near $88,700 and the 1.618 at roughly $102,000 have acted as waypoints during both surges and corrections.

At the same time, the 0.618 region around $48,500 sits as the deep-retracement guardrail from the broader advance.

Rover also noted a break of a multi-month downward sloping trendline on higher time frames. It reinforces the idea that dips into former resistance should now behave as support.

In practice, this means that failed pushes through $122,000 can bleed back toward $115,000 to $110,000 without invalidating the weekly W.

However, sustained closes under $102,000 would damage the pattern’s momentum. In addition, Rover cautioned against over-reacting to macro scare narratives.

He pointed to the repeated pattern where spikes in geopolitical fear have marked higher-time-frame buying windows rather than cycle breaks.

Seasonality is another layer he watches. October has historically skewed constructive for crypto. His expectation is for continuation of Bitcoin price today, as long as $122,000 is respected and reclaimed on a weekly basis.

Traders should focus less on headlines and more on whether the price converts resistance into support above the neckline.

Ethereum Coiling For a Catch-Up

The second leg of the update focuses on Ethereum (ETH), which he believes can outperform in the final weeks of the provided timeframe.

On the analyst’s chart, ETH has reclaimed a prior head-and-shoulders neckline area, flipped it into support around the low $4,000, and is compressing under the $4,700 ceiling.

He frames the structure as a bull flag beneath the old highs, and breaking the downtrend line on the daily chart, along with the measured move, aligns with a target of $6,000 to $6,500.

If Bitcoin price confirms its weekly W and grinds toward $127,000, ETH’s lag creates room for relative strength once $4,700 gives way.

For Bitcoin price today, repeated failures at $122,000, followed by weekly closes below $102,000, would undermine the W pattern’s thrust and put the $88,000 back in focus.

For Ethereum, rejection at $4,700 coupled with a loss of support near $4,250 would defer the $6,000 narrative and reset the pattern.

Until those breaks occur convincingly, Rover’s roadmap treats dips as opportunities within an advance that is defined by the $122,000 neckline on BTC and the $4,700 trigger on ETH.