Bitcoin Breaks ATH, Returning to Price Discovery: $130K?

Bitcoin reached $106,500 a few hours ago, breaking its all-time high, laying the foundation for a greater surge. After weeks of sluggish trading in an ascending triangle, the price shattered the December 5 $103,600 resistance mark. After this breakthrough, traders and investors are looking for Bitcoin's next goals.

With this milestone, Bitcoin remains the crypto market's top asset, drawing individual and institutional investors. Now, the question is whether BTC can keep its positive trend and hit $130,000 shortly. To maintain this unprecedented advance, economists say Bitcoin must remain above its prior barrier.

Bitcoin Price Strong

Since late November, Bitcoin has been consolidating around $100,000, causing investors to worry about a drop. However, Bitcoin's price behavior remains optimistic, with sustained support above key levels, indicating the rally will continue. While unremarkable, consolidation typically prepares the foundation for big changes.

Top analyst Jelle recently noted that Bitcoin has broken out of an ascending triangle shape, indicating additional upward potential. Bitcoin has re-entered price discovery after this breakthrough, surpassing its previous all-time high and fueling market enthusiasm.

since Bitcoin rallies, market dynamics may change, since altcoins traditionally follow BTC during bull runs. Once Bitcoin continues its rise, analysts and investors expect the altcoin market to follow suit, ushering in another crypto euphoria.

Bitcoin hit an all-time high of $106,533 today and is now at $105,100. The price broke over $102,200 barrier, which had stopped upward momentum. This breakthrough has revived positive momentum, suggesting Bitcoin might rise further. The demonstration needs support at $102,200 to continue.

If Bitcoin stays above this level, traders expect $110,000 and beyond. Market volatility is a worry. Losing the psychological $100,000 level might indicate weakness, prompting a reversal.

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