Bitcoin Breaks ATH Pushing Back Into Price Discovery – BTC To $130K?
Bitcoin has broken all-time highs, reaching $106,500 just a few hours ago, setting the stage for a bigger move. After trading sideways within an ascending triangle for several weeks, the price finally broke above the key resistance level of $103,600 established on December 5. The breakthrough has reignited excitement, with traders and investors now eyeing Bitcoin’s next potential destination.
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Top analyst Jelle shared his insights on X, highlighting Bitcoin’s breakout of the ascending triangle as a clear bullish sign. Based on his technical analysis, the pattern indicates significant upside potential, and Jelle set a $130,000 price target for BTC in the coming weeks. He noted that the breakout marked a shift in market sentiment, paving the way for continued momentum for Bitcoin to continue climbing higher.
Milestone cements Bitcoin’s dominance As the dominant asset in the cryptocurrency market, it has attracted the attention of both retail and institutional investors. Now, the focus turns to whether BTC can maintain its bullish momentum and how quickly it can reach the $130,000 target. The market awaits what’s next, with analysts stressing the importance of Bitcoin holding on to previous resistance levels to sustain this historic rally.
Bitcoin price remains strong
Bitcoin has been consolidating near the $100,000 mark since late November, creating tension among investors speculating on a potential pullback. Nonetheless, Bitcoin’s price action remains firmly bullish, with continued support above key levels indicating that the uptrend is far from over. Although the consolidation phase may appear calm on the surface, it often lays the foundation for major trends.
Top Analyst Jelle Recently Shared his technical analysis of Xhighlighted that Bitcoin has broken out of an ascending triangle pattern, a bullish continuation pattern that signals further upside potential. Following this breakout, Bitcoin re-entered the price discovery phase, surpassing its previous all-time highs and sparking renewed excitement among market participants.
Jelle set an ambitious $130,000 target for Bitcoin, highlighting that a breakout could accelerate the asset’s momentum in the coming weeks.
As Bitcoin’s rally progresses, broader market dynamics may change, with altcoins historically following Bitcoin’s lead during bull markets. Analysts and investors expect that once Bitcoin resumes its climb, the altcoin market will respond with a surge of its own, marking the beginning of another euphoric phase in the cryptocurrency space.
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Currently, all eyes are on Bitcoin, whose ability to sustain above $100,000 and break through resistance levels such as $103,600 will be crucial to maintaining its bullish trajectory.
Test new supplies to discover prices
Bitcoin hit an all-time high of $106,533 earlier today and is currently trading at $105,100. The price broke the key resistance at $102,200, which had previously capped the upward move. The breakout reignited bullish momentum and suggested Bitcoin could be headed for higher prices. To sustain the rally, the $102,200 level must now act as support, providing a solid base for the next move higher.
If Bitcoin holds above this level, traders expect to continue moving towards higher targets, with targets of $110,000 and above being achievable. However, market volatility remains a concern. A break below the psychological $100,000 mark could signal potential weakness, leading to a potential pullback. In this case, Bitcoin may pull back to test lower demand areas, possibly around $95,000, before finding new support.
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Despite the risks, Bitcoin’s bullish structure remains intact as long as key levels hold. A break above $102,200 highlighted strong buying interest, and many analysts believe this could be the start of an extended rally. However, the next few days will be crucial in determining whether Bitcoin can maintain its momentum or face a short-term pullback. Currently, the market is paying close attention to Bitcoin’s next move.
Featured image from Dall-E, chart from TradingView
