Bitcoin broke its all-time high, reaching $106,500 just hours ago, setting the stage for an even bigger move. After weeks of trading sideways within an ascending triangle, the price finally broke through the crucial $103,600 resistance level set on December 5th. The breakout has sparked renewed excitement, and traders and investors are now eyeing Bitcoin’s next potential targets.
Lead analyst Jelle shared his views on X, highlighting that Bitcoin’s breakout from the ascending triangle is a clear bullish signal. According to his technical analysis, this pattern indicates significant upside potential, with Jelle setting a BTC price target of $130,000 in the coming weeks. He noted that the breakout marks a shift in market sentiment, paving the way for sustained momentum as Bitcoin continues its rise.
This milestone solidifies Bitcoin’s dominance in the cryptocurrency market as a leading asset, attracting the attention of both retail and institutional investors. The focus now is whether BTC can maintain its bullish momentum and how quickly it can reach the $130,000 target. The market is awaiting the next move, with analysts stressing the importance of Bitcoin holding above its previous resistance to maintain this historic rally.
Bitcoin price remains strong
Bitcoin has been consolidating around the $100,000 mark since late November, creating a tense atmosphere among investors who are now contemplating a potential correction. Despite this, Bitcoin’s price action remains firmly bullish, with continued support above key levels, suggesting that the uptrend is far from over. The consolidation phase, although seemingly uneventful, often sets the stage for significant movements.
Lead analyst Jelle recently shared his technical analysis of X, highlighting that Bitcoin broke out of an ascending triangle, a bullish continuation pattern that signals further upside potential. After this breakout, Bitcoin entered the price range again, surpassing its previous all-time high and causing a new rush among market participants.
Jelle set an ambitious target for Bitcoin of $130,000, highlighting that a breakout could accelerate the asset’s performance in the coming weeks.
As Bitcoin’s rally progresses, broader market dynamics are likely to change: altcoins have historically followed BTC during bull runs. Analysts and investors expect that once Bitcoin resumes its rise, the altcoin market will respond with significant growth, marking the beginning of a new phase of euphoria for the crypto space.
For now, all eyes are on Bitcoin with its ability to hold above $100,000 and break through resistance levels such as $103,600, which is critical to maintaining the bullish trajectory.
Testing a new offer for price discovery
Bitcoin is trading at $105,100 after hitting a new all-time high of $106,533 earlier today. The price broke through critical resistance at $102,200, a level that previously limited upward movement. The breakout reignited the bullish momentum, signaling that Bitcoin could be headed toward even higher prices. For the rally to continue, the $102,200 level must now act as support, providing a solid foundation for the next leg of gains.
If Bitcoin holds above this level, traders expect a continuation of the move towards higher targets, within reach of $110,000 and above. However, market volatility remains a concern. Losing the psychological $100,000 mark could signal underlying weakness, leading to a potential correction. In such a scenario, BTC could pull back to test lower demand areas, perhaps around $95,000, before finding new support.
Despite the risks, Bitcoin’s bullish structure remains intact as long as key levels hold. A break above $102,200 indicates strong buying interest, and many analysts believe this could be the start of an extended rally. However, the next few days will be critical in determining whether Bitcoin can maintain its momentum or whether it will face a short-term pullback. For now, the market is closely watching Bitcoin’s next move.
Featured image from Dall-E, chart from TradingView
