Bitcoin broke its all-time high by reaching $106,500 just a few hours ago, setting the stage for an even bigger move. After weeks of trading sideways within an ascending triangle, the price finally broke above the key resistance level of $103,600 established on December 5. This breakout has sparked renewed excitement, and traders and traders are now looking at Bitcoin’s next potential targets.

Jelle’s top analyst shared his observations on X, emphasizing that Bitcoin’s breakout from the ascending triangle is a clear upward 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 signals a shift in market sentiment, paving the way for continued momentum as Bitcoin continues to rise.

This milestone strengthens Bitcoin’s dominant position in the cryptocurrency market as a leading asset, attracting the attention of both retail and institutional investors. Now the focus is on whether BTC can maintain its bullish momentum and how quickly it can reach the $130,000 target. The market is waiting for the next move, and analysts are emphasizing the importance of keeping Bitcoin above previous resistance to maintain this historic rally.

Bitcoin price remains mighty

Bitcoin has been consolidating around $100,000 since tardy November, creating a tense atmosphere among investors who are currently speculating on a potential correction. Still, Bitcoin’s price action remains strongly bullish, with solid support above key levels, suggesting the uptrend is far from over. The consolidation phase, while seemingly still, often sets the stage for significant moves.

Jelle’s best analyst recently shared his technical analysis on Xemphasizing that Bitcoin has broken out of a bullish triangle formation – a bullish continuation pattern that signals further upside potential. Following this breakout, Bitcoin entered the price discovery phase again, surpassing its previous all-time high and generating modern excitement among market participants.

Jelle set an ambitious $130,000 target for Bitcoin, emphasizing that a breakout could accelerate the asset’s momentum in the coming weeks.

As Bitcoin’s rally continues, broader market dynamics are likely to change, and altcoins have historically followed BTC during bull markets. Analysts and investors predict that as Bitcoin resumes its climb, the altcoin market will respond with significant gains of its own, ushering in another phase of euphoria in the crypto space.

For now, all eyes are on Bitcoin, with its ability to stay above $100,000 and break through resistance levels like $103,600, which is crucial to maintaining its bullish trajectory.

Testing fresh supply for price discovery

Bitcoin is trading at $105,100 after reaching a modern all-time high of $106,533 today. The price breached critical resistance at $102,200, a level that had previously restricted upward movements. This breakout has reignited bullish momentum, signaling that Bitcoin may be on track to even higher prices. For the rally to continue, the $102,200 level must now act as support, providing a solid foundation for the next stage of growth.

If Bitcoin holds above this level, investors expect it to continue pursuing higher targets, with $110,000 and more within reach. However, market volatility is a cause for concern. Losing the $100,000 psychological level could signal underlying weakness and lead to a potential correction. In such a scenario, BTC may pull back to test lower demand zones, likely around $95,000, before finding modern support.

Despite the risks, Bitcoin’s bullish structure remains intact as long as key levels hold. A break above $102,200 indicates mighty buying interest and many analysts believe this could be the start of a prolonged rally. However, the next few days will be crucial in determining whether Bitcoin can maintain its momentum or face a short-term pullback. For now, the market is closely watching Bitcoin’s next move.

Featured image from Dall-E, chart from TradingView