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Bitcoin broke its all-time highs, reaching $106,500 just a few hours ago, paving the way 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. The hack has sparked renewed excitement, with traders and investors now looking to the next potential targets for Bitcoin.
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Senior analyst Jelle shared his view on X, highlighting that Bitcoin breaking 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 represents a shift in market sentiment, paving the way for sustained momentum as Bitcoin continues to rise.
This achievement reinforces Bitcoin’s dominant position in the cryptocurrency market as the leading asset, attracting the attention of retail and institutional investors. The focus now turns to whether Bitcoin can maintain its bullish momentum and how quickly it might reach the $130,000 target. The market is awaiting the next step, as analysts stress the importance of Bitcoin remaining above the previous resistance level to maintain this historical rise.
Bitcoin price remains strong
Bitcoin has been consolidating around the $100,000 level since late November, creating a tense atmosphere among investors who are now speculating about a possible correction. Despite this, Bitcoin price action remains strongly bullish, with firm support above key levels, indicating that the uptrend is not over yet. The consolidation phase, although apparently quiet, often sets the stage for significant moves.
Geely’s chief analyst recently He 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 once again entered price discovery, surpassing its all-time high and igniting new excitement among market participants.
Jelle set an ambitious $130,000 target for Bitcoin, stressing that a breakout could accelerate the asset’s momentum in the coming weeks.
As Bitcoin advances, broader market dynamics are likely to change, with altcoins historically following Bitcoin’s lead during bull periods. Analysts and investors expect that once Bitcoin resumes its rise, the altcoin market will respond with significant gains, marking the beginning of another exhilarating phase in the cryptocurrency space.
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For now, all eyes remain on Bitcoin, with its ability to sustain above $100,000 and break through resistance levels such as $103,600, crucial to maintaining its upward trajectory.
Test 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 the critical resistance level of $102,200, a level that had previously capped upward movements. This breakout reignited bullish momentum, suggesting that Bitcoin may be on track for higher prices. For the rally to continue, the $102,200 level must now act as support, providing a solid foundation for the next move higher.
If Bitcoin stabilizes above this level, traders expect to continue towards higher targets, with $110,000 and above being reached. However, market volatility remains a concern. Losing the $100,000 psychological level could indicate underlying weakness, leading to a potential correction. In such a scenario, Bitcoin may pull back to test lower demand areas, perhaps 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 remain stable. The break 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 is able to maintain its momentum or whether it will face a short-term pullback. Right now, the market is closely watching Bitcoin’s next move.
Featured image by Dall-E, chart from TradingView