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Bitcoin and Ether to Rise as ETH Sets New 7-Month Record High

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Quantum computers could bring lost Bitcoin back to life: Here’s
Quantum computers could bring lost Bitcoin back to life: Here’s

Important points

  • Bitcoin market participants are expecting a break-out of the trend line resistance, which could lead to a target as high as $125,000.

  • Ether reaches seven-month highs, while Bitcoin continues to consolidate.

  • According to the most recent market analysis, altcoins have some upside potential but aren’t yet replicating Ether’s rise.

BitcoinBTCAs traders looked for another BTC breakout, ) circled an amount of $118.500 in Sunday’s closing weekly.

BTC/USD 1-hour chart. Source: Cointelegraph/TradingView

Bitcoin traders: Bitcoin prices eye $125,000 break

Data from Cointelegraph Markets Pro The following are some examples of how to get started: TradingView BTC/USD was heading up after it dropped below $117,000 last Friday.

While the pair has maintained much of its week’s gains, they are still some distance from new record highs.

To traders, the resistance trendline is blocking Bitcoin’s return to a price above $123,000.

“BTC is getting ready for a big move,” Marcus Corvinus is a well-known and popular trader. told X followers Post a message on that day.

“Bitcoin is moving inside a triangle pattern and staying above strong support around $116,000 to $117,000. Right now, it’s going sideways  but not for long.”

Corvinus posted a chart of the trendline in question. He said that BTC/USDT would reach $125,000 if it broke out.

“If it breaks below support, price may fall to $111,000 or lower,” He also added. 

“This triangle is almost full a breakout or breakdown is coming soon. Stay ready. The next big move is close.”

BTC?USDT 4-hour chart. Marcus Corvinus/X

Rekt, the popular trader-analyst RektCapital-was looking for similar structures on daily time frames.

“Bitcoin remains in the Range and the consolidation continues, facilitating further money flow into Altcoins,” He commented His own chart.

“Break this Lower High (black) within the Range however and Bitcoin will challenge the Range High for another breakout attempt.”

BTC/USD 1-day chart. Source: Rekt Capital/X

Ether closes the week at a 7-month high

Altcoins, as reported by Cointelegraph, have been re-introduced to the spotlight this week due to Bitcoin’s consolidation.

Related: Can XRP price reach $20? These charts say ‘full bull’ phase is still ahead

Ether, the largest altcoin (ETHThe XRP currency (XRPThey are also both fields. lofty price predictions.

“Ethereum has long ago resynchronised with its $2200-$3900 Macro Range,” summarized In part of a X-post which included a graph stretching back as far as late 2023.

ETH/USD 1-week chart. Source: Rekt Capital/X

Crypto trader, analyst and entrepreneur Michaël van de Poppe called the rebound on ETH/USD “absolutely phenomenal.”

“Ethereum is the first one to move and it has basically ran back to the highs of December ’24. That means that there’s still a lot of upside to come,” He argued The weekend is a good time to go shopping. 

“However, most of the Altcoins are still down 50-80% from that high in December ’24, meaning that there’s a ton of upside yet to be made.”

ETH/USD 1-day chart. Source: Cointelegraph/TradingView

The ETH/USD pair traded at $3.750 on Sunday for the first since December 18, 2024.

The article is not intended to provide investment advice. Risk is inherent in every investment decision and trade. The reader should always do research prior to making a final decision.