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bitcoin has surpassed its all-time high, reaching $106,500 just hours ago, setting the stage for an even bigger move. After trading in a sideways range within an ascending triangle for weeks, the price finally surpassed the crucial $103,600 resistance level established on December 5. This breakout has sparked renewed enthusiasm, and traders and investors are now eyeing bitcoin's next potential targets.
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Prominent analyst Jelle shared his thoughts on x, highlighting that bitcoin's breakout of the ascending triangle is a clear bullish signal. Based on his technical analysis, the pattern indicates significant upside potential, with Jelle setting a price target of $130,000 for btc 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 ascent.
This milestone cements bitcoin's dominant position in the cryptocurrency market as a leading asset, attracting the attention of both retail and institutional investors. Now, the focus is on 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 sustain 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 now speculating about a possible correction. Despite this, bitcoin 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 major moves.
Top analyst Jelle recently <a target="_blank" href="https://x.com/CryptoJelleNL/status/1868535307475558690″ target=”_blank” rel=”nofollow”>shared his technical analysis on xhighlighting that bitcoin has broken out of an ascending triangle formation, a bullish continuation pattern that indicates further upside potential. Following this breakout, bitcoin has re-entered price discovery, surpassing its previous all-time high and generating new enthusiasm among market participants.
Jelle has set an ambitious target of $130,000 for bitcoin, emphasizing that the breakout could accelerate the asset's momentum in the coming weeks.
As bitcoin's rally progresses, broader market dynamics are likely to change, with altcoins historically following btc's lead during bull runs. Analysts and investors anticipate that once bitcoin resumes its ascent, the altcoin market will respond with significant gains of its own, ushering in another euphoric phase for the crypto space.
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For now, all eyes remain on bitcoin, with its ability to stay above $100,000 and overcome resistance levels such as $103,600 being critical to maintaining its bullish trajectory.
Fresh Offer Test in Price Discovery
bitcoin is trading at $105,100 after hitting a new all-time high of $106,533 today. The price surpassed the critical resistance of $102,200, a level that had previously limited bullish moves. This breakout has reignited bullish momentum, indicating that bitcoin could be on track to reach even higher prices. For the rally to sustain, the $102,200 level must now act as support, providing a solid foundation for the next leg higher.
If bitcoin holds above this level, traders anticipate continuing towards 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 pull back to test zones of lower demand, 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 hold. The break above $102,200 highlights strong buying interest, and many analysts believe this could be the start of a prolonged rally. However, the next few days will be crucial in determining whether bitcoin can maintain its momentum or face a short-term pullback. For now, the market is closely watching bitcoin's next move.
Featured image of Dall-E, TradingView chart