Bitcoin has officially broken into uncharted territory, surging past its all-time high and setting a new record price. The crypto king continues to defy expectations, with strong momentum pushing BTC to historic levels. Fueled by institutional demand, retail excitement, and favorable macro trends, Bitcoin’s latest rally marks a significant milestone in its ongoing bull cycle.
Crypto analyst BlockPIO has highlighted Bitcoin’s latest milestone, reporting that BTC/USDT has surged past $109,400 on Bitfinex, reinforcing market confidence in the ongoing bull run. According to BlockPIO, this is not just a typical rally; it’s part of a larger and aggressive market cycle. The monthly chart now resembles the bullish structures seen during past major crypto booms. However, current indicators are showing a larger-scale pattern that suggests the current uptrend may have more explosive potential than before.
Based on renowned analyst Peter Akintade’s Fibonacci Trend Cycle strategy, Bitcoin has completed three major cycles, while the fourth cycle appears to be well underway. Akintade expects the price to surpass the $112,000 level before this cycle concludes. He points out key candles marking the pivot highs of each previous cycle, illustrating the rhythm Bitcoin has followed over the years, where these pivot points represent peaks where Bitcoin’s price witnessed reversals, setting the stage for the next market phase.
Akintade emphasizes the importance of recognizing the cyclical nature of Bitcoin’s price action. Despite the inevitable corrections and market fluctuations, the overall trend points towards continued growth and higher targets. The crucial milestone to watch is breaking above $112,000, which would signify the completion of this current cycle.
In recent analyses, Whales_Crypto_Trading has highlighted technical developments in Bitcoin price action. Their analysis shows that Bitcoin is currently bouncing off the 100 moving average (MA 100) and a significant support zone around $101,000 on the 1-hour chart, indicating a bullish signal that could set the tone for the next upward move. This bounce suggests that buyers are stepping in at a historically high level, reinforcing the support and maintaining the integrity of the ascending channel Bitcoin has been following in recent weeks.
The main target now lies at the upper border of this ascending channel, aligning with resistance around higher price zones. A push toward this boundary could continue bullish momentum and create new highs in the near future. The excitement around Bitcoin is palpable, and with each upward movement, more investors are captivated by its potential for even greater returns.
As Bitcoin’s price continues to ride this wave of optimism, industry experts stress the importance of staying informed and analyzing market data diligently. Being aware of the cyclical patterns and recognizing the phases of the market can provide traders and investors with an edge. With Bitcoin firmly in a bullish trend, the future looks bright, and higher milestones seem achievable.
