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Bitcoin (BTC) has reached a new all-time High (ATH) after a daily outbreak of 4% over $ 109,000. Because the flagship Crypto is approaching the next barrier, some analysts suggest that the top of this cycle is not yet there.
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Bitcoin gets new all time high
On Wednesday, Bitcoin hit a new ATH of $ 109,800 after the outbreak of the $ 107,000 short -term resistance, and saw the $ 110,000 barrier as his next target. The cryptocurrency has been considerably recovered in the last seven weeks, and rose around 47% of its five -month low of $ 74,000 in the direction of its current levels.
In the midst of his May meeting, BTC was unable to break the crucial resistance of $ 106,000, where he acted for almost two weeks between the reach of $ 102,000 $ 105,000. However, consolidation ended during the weekend when Bitcoin Weekly closed above this barrier for the first time in history.
Since recovering this crucial level on Monday, analyst Ali Martinez pointed out that the flagship Crypto seemed to form an increasing triangular pattern in the lower timetables, which suggested a meeting to the level of $ 115,000 as soon as the price above the $ 107,000 marked.
In the early hours of Wednesday, BTC’s Bullish Breakout saw again testing the barrier of $ 108,000, confronted with rejection to the support of $ 106,000 before he bounced and broke this barrier and bounced into his new Ath.
Stretching capital confirmed That the second price determination is aware of the cryptocurrency, because the first price discovering correction is finally over. The analyst has previously emphasized that Bitcoin would collect to a new ATH after a weekly closure above the re-accumulation grade and the retesting after the outbreak.
BTC prepares another 20% -30% jump?
Analyst Crypto Jelle suggested that the BTC news purpose is around $ 140,000, indicating a force of three (PO3) setup on the Bitcoin graph. The pattern divides the price action into three phases: accumulation, manipulation and distribution.
In the first phase, a consolidation near the recent high takes place after strong price performance. This is followed by the price of a token that falls below the support level of the battery phase in the second phase and acts within a range below the recently lost zone.
Finally, the distribution phase consists of a strong price drop, with momentum structure and participants who enter the market. Based on this set-up, the Crypto flagship started the accumulation phase during the Q4 2024 rally, with the next phase in the Mars-April Retraces in the Mars-April.
Bitcoin arrived in the final phase of the setup in the end of April-May Rally, with the analysts predicting $ 140,000 as the next goal after breaking above $ 108,500.
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Likewise Sjuul van Altcryptogems marked The same PO3 pattern on the BTC graph and confirmed that investors could expect a “strong expansion” in the direction of the $ 125,000-$ 130,000 levels after breaking his earlier ATH levels.
He pointed out earlier that “BTC clearly repeats the price action of the summer 2021 and trade a perfect bullish structure at a high time frame”, which could suggest that the top of the cycle is not yet in it.
Bitcoin currently acts 1.8% below the new ATH, at $ 107.502.
Featured image of unsplash.com, graph of TradingView.com