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Bitcoin (BTC), the flagship cryptocurrency, is now at a record high after an 4% breakout daily above the $109,000 level. Some analysts believe that the top of this cycle is still a ways off as the flagship cryptocurrency nears its next hurdle.
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Bitcoin hits new record high
Bitcoin reached a high of $109800 on Wednesday after overcoming the $107,000 barrier. The next hurdle is $110,000. Over the past seven weeks, Bitcoin has recovered significantly. It is now up around 47% since its low point of $74,000 five months ago.
BTC’s rally in May was unable to break through the $106,000 barrier. between The $102,000 to $110,000 range has been a constant for almost two weeks. Bitcoin Weekly closed above the barrier on the weekend for the first ever time.
Ali Martinez, an analyst, pointed out on Monday that since reclaiming the crucial $115,000 mark, the crypto had formed a triangle in lower timeframes. This suggested the cryptocurrency would rally to the $115,000 once it reached this level. broke Over the $100k mark
BTC’s early Wednesday bullish breakout was a retest of the $108,000 resistance, with a rejection towards the $106,000 level before bouncing, smashing and rallying to its new ATH.
Rekt Capital affirmed It is clear that the Second Price Discovery Uptrend for Bitcoin is on the horizon, now that its First Price Discovery Corrective is over. Analysts had previously predicted that Bitcoin’s ATH would rise to a higher level after the Weekly Close above its reaccumulation range, and a retest post-breakout.
BTC Prepared For Another 20-30% BTC Jump?
The analyst crypto Jelle said that BTC’s news target was around the $140,000 level, and pointed to a Power of Three(PO3) setup in Bitcoin’s chart. This pattern separates price movement into three phases: manipulation, accumulation and distribution.
After a good price performance, the token’s price will consolidate near its recent high in the first phase. In the second phase the token price falls below the support level of the accumulation phase. It trades within a trading range that is below the zone recently lost.
Last but not least, distribution The breakout phase is characterized by a price that has risen significantly, with participants joining the market. This setup shows that the flagship cryptocurrency entered the accumulation phase at the Q4 2024 rallies, and then moved into the next phase in March/April.
After breaking through the $108 500 mark, the analyst predicts that Bitcoin will reach its final stage after reaching the late April/early May rally.
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Sjuul, from AltCryptoGems. highlighted BTC has the same P3 pattern, proving that BTC is a good investment. “strong expansion” After breaking through its former ATH levels, it is now heading towards the levels of $125,000 to $130,000.
He had previously stated that “BTC is clearly repeating the summer 2021 price action and trading in a perfectly bullish structure on high time frame,” The top of a cycle may not be in place yet.
Bitcoin’s price is now trading 1.8% under its new ATH of $107,502, as I write this.
Charts and Featured Images from TradingView.com
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Source: www.newsbtc.com
