Bitcoin Breaks ATH Pushing Back Into Price Discovery – BTC To $130K?
17 December 2024 - 3:00AM
NEWSBTC
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. Related Reading: Ethereum Forming A Symmetrical
Pattern – Key Resistance At $4,100 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. Related
Reading: AAVE Dominates DeFi Lending – Metrics Reveal 45% Market
Share 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. Related Reading:
ONDO Exchange Inflows Grow – Volatility Ahead? 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
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