Bitcoin has entered a new phase after testing the $102,000 level.

Analyst Daan Crypto Trades shared with his 390k followers on X on January 7 that Bitcoin is beginning a price discovery phase, which refers to the asset moving into a new price range and reaching record highs.

As per Binance, Bitcoin is now just 6% away from its all-time high of $108,135, set on December 17.

Bitcoin Performance and Market Indicators:

On January 6, Bitcoin reclaimed the $100,000 mark, reaching an intraday high of $102,500 in early Asian trading on January 7.

The analyst notes that we are in the early stages of the year following the mining reward halving event, a period historically known for being the most bullish phase in Bitcoin’s market cycles.

Analysts’ Forecasts:

Ki Young Ju, founder of CryptoQuant, suggests that the current Bitcoin bull cycle could be the longest in history, driven by new liquidity sources.

Benjamin Cowen, founder of ITC, indicates that Bitcoin needs to regain a short-term trend line to hit $120,000 by January 20.

Rekt Capital expects 2025 to be the peak of the bull market, followed by a bear market in 2026, with a recovery in 2027.

Bitcoin’s recent 2.7% gain has helped push the cryptocurrency market capitalization to $3.74 trillion.

However, Ethereum struggled to maintain its highs and fell below $3,700 on Tuesday morning.

Altcoins remained relatively stable, with slight gains observed in assets like Tron, Avalanche, and Hyperliquid.