16 December 2024
Bitcoin has shattered its all-time high, reaching $106,500 just a few 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 broke through the crucial $103,600 resistance level established on December 5. This breakout has sparked renewed excitement, with traders and investors now eyeing Bitcoin’s next potential targets.
Top analyst Jelle shared his insights on X, highlighting 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 sustained momentum as Bitcoin continues its climb.
This milestone solidifies Bitcoin’s dominant position in the crypto market as the leading asset, attracting attention from both retail and institutional investors. Now, the focus turns to whether BTC can maintain its bullish momentum and how quickly it might 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 who are now speculating about a potential correction. Despite this, Bitcoin’s price action remains firmly bullish, with consistent support above key levels, suggesting that the uptrend is far from over. The consolidation phase, while uneventful on the surface, often sets the stage for significant moves.
Top analyst Jelle recently shared his technical analysis on X, highlighting that Bitcoin has broken out of an ascending triangle formation—a bullish continuation pattern that signals further upside potential. Following this breakout, Bitcoin has re-entered price discovery, pushing beyond its previous all-time high and igniting fresh excitement among market participants.
Jelle has set an ambitious $130,000 target for Bitcoin, emphasizing that the breakout could accelerate the asset’s momentum in the coming weeks.
As Bitcoin’s rally progresses, the broader market dynamics are likely to shift, with altcoins historically following BTC’s lead during bull runs. Analysts and investors anticipate that once Bitcoin resumes its climb, the altcoin market will respond with its own significant gains, marking the start of another euphoric phase for the crypto space.
For now, all eyes remain on Bitcoin, with its ability to sustain above $100,000 and break through resistance levels like $103,600, which is critical for maintaining its bullish trajectory.
Testing Fresh Supply Into Price Discovery
Bitcoin is trading at $105,100 after reaching a new all-time high at $106,533 earlier today. The price broke above the critical $102,200 resistance, a level that had previously capped upward movements. This breakout has reignited bullish momentum, signaling that Bitcoin could be on track for 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 up.
If Bitcoin holds above this level, traders anticipate continuing toward higher targets, with $110,000 and beyond within reach. However, market volatility remains a concern. A loss of the psychological $100,000 mark could signal underlying weakness, leading to a potential correction. In such a scenario, BTC might retrace to test lower demand zones, possibly around $95,000, before finding renewed support.
Despite the risks, Bitcoin’s bullish structure remains intact as long as key levels hold. The breakout above $102,200 highlights strong buying interest, and many analysts believe this could be the start of an extended rally. However, the next few days will be crucial in determining whether Bitcoin can maintain its momentum or if it will face a short-term pullback. For now, the market is closely watching for Bitcoin’s next move.
Featured image from Dall-E, chart from TradingView