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Bitcoin broke its all-time high, reaching $106,500 just a few hours ago, paving the way for an even bigger move. After trading in a sideways move within an ascending triangle for weeks, the price finally broke through the crucial resistance level of $103,600 established on December 5. This outbreak has sparked renewed excitement, with traders and investors now looking to Bitcoin’s next potential targets.
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Top analyst Jelle shared his insights on X and emphasized that Bitcoin’s breakout from the ascending triangle is a clear bullish signal. According to his technical analysis, the pattern indicates significant upside potential, with Jelle setting a $130,000 price target for BTC in the coming weeks. He noted that the breakout marks a shift in market sentiment, paving the way for sustainable momentum as Bitcoin continues its climb.
This milestone solidifies Bitcoin’s dominant position in the crypto market as a leading asset, attracting the attention of both retail and institutional investors. Now attention turns to whether BTC can maintain its bullish momentum and how quickly it could reach the $130,000 target. The market awaits the next move, with analysts emphasizing the importance of Bitcoin holding above its previous resistance to support this historic rally.
Bitcoin price remains strong
Bitcoin has been consolidating around $100,000 since late November, creating a tense atmosphere among investors who are now speculating about a possible correction. Despite this, Bitcoin’s price action remains solidly bullish, with consistent support above key levels, indicating that the uptrend is far from over. The consolidation phase, although superficially calm, often forms the basis for important steps.
Top analyst Jelle recently shared his technical analysis on XThis highlights that Bitcoin has broken out of an ascending triangle formation – a bullish continuation pattern that points to further upside potential. Following this breakout, Bitcoin has once again entered the price discovery scene, pushing it past its previous all-time high and sparking new excitement among market participants.
Jelle has set an ambitious target of $130,000 for Bitcoin, highlighting that the breakout could accelerate the asset’s momentum in the coming weeks.
As Bitcoin’s rally continues, broader market dynamics are likely to change, with altcoins historically following BTC’s lead during bull runs. Analysts and investors expect that once Bitcoin resumes its climb, the altcoin market will respond with its own significant gains, marking the start of a new euphoric phase for the crypto space.
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For now, all eyes remain on Bitcoin, with its ability to hold above $100,000 and break resistance levels like $103,600 crucial to maintaining its bullish trajectory.
Testing fresh supply in price discovery
Bitcoin is trading at $105,100 after hitting a new all-time high of $106,533 earlier today. The price broke above the critical resistance at $102,200, a level that had previously capped upside moves. This breakout has reignited bullish momentum, indicating that Bitcoin could be headed for even higher prices. For the rally to hold, the $102,200 level must now act as support and provide a solid foundation for the next rise.
If Bitcoin stays above this level, traders expect to move on to higher targets, with $110,000 and more within reach. However, market volatility remains a concern. A loss of the psychological $100,000 mark could indicate underlying weakness, leading to a possible correction. In such a scenario, BTC could return to test lower demand zones, possibly around $95,000, before finding renewed support.
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Despite the risks, Bitcoin’s bullish structure remains intact as long as key levels are held. The break above $102,200 indicates strong buying interest, and many analysts believe it could be the start of a long-term rally. However, the coming days will be crucial in determining whether Bitcoin can maintain its momentum or whether it will face a near-term pullback. For now, the market is keeping a close eye on Bitcoin’s next move.
Featured image of Dall-E, chart from TradingView