Bitcoin (BTC) has achieved a significant milestone, breaking through to a new all-time high (ATH) of $109,800 after a powerful 4% daily surge. This breakthrough comes as technical indicators suggest further upside potential for the leading cryptocurrency.
Breaking Down Bitcoin’s Historic Rally
Wednesday’s price action saw Bitcoin decisively break through the critical $107,000 resistance level, setting its sights on the psychological $110,000 barrier. The flagship cryptocurrency has demonstrated remarkable strength, posting a 47% recovery from its recent five-month low of $74,000.
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Technical Analysis Points to Further Gains
According to analyst Ali Martinez, Bitcoin has formed a bullish ascending triangle pattern on lower timeframes, suggesting a potential push toward $115,000. This analysis aligns with broader market predictions of continued upward momentum.
The Power of Three (PO3) Pattern
Crypto analyst Jelle has identified a significant PO3 setup on Bitcoin’s chart, projecting a target of $140,000. The pattern consists of three distinct phases:
- Accumulation: Consolidation near recent highs
- Manipulation: Price action below support levels
- Distribution: Strong breakout with increasing momentum
Market Expert Consensus
Multiple analysts, including Sjuul from AltCryptoGems, are forecasting a ‘strong expansion’ toward the $125,000-$130,000 range. The current price action notably mirrors the summer 2021 bull run, suggesting this cycle’s peak may still be ahead.
FAQ Section
Q: What is Bitcoin’s current all-time high?
A: Bitcoin’s new ATH stands at $109,800, achieved on Wednesday.
Q: What are the key resistance levels ahead?
A: The immediate resistance lies at $110,000, with analysts targeting $115,000 and $140,000 as subsequent levels.
Q: How much has Bitcoin recovered from its recent low?
A: Bitcoin has surged approximately 47% from its five-month low of $74,000.
As of this writing, Bitcoin trades at $107,502, maintaining strong momentum just 1.8% below its fresh ATH.
