Bitcoin (BTC) reached its new all-time high (ATH) of $106,352 today a few hours ago. While reaching its new ATH, the token shattered a critical resistance at $102,000 mark. This move has sparked optimism among traders, analysts and influencers, who now believe that Bitcoin’s next target is $120,000 mark.
According to Crypto Rover, a well-known influencer in the industry, in the 4 hour chart below, Bitcoin’s price action shows a clear breakout above the key resistance, as highlighted by the red horizontal line at $102,586.7. Multiple red peaks indicate the times when the token experienced resistance at this level.
However, the current price which is hovering somewhere around $104,572 with a surge of 2.3% in the last 24 hours as per CoinGecko indicates that the barrier at $102,000 mark has been successfully broken.
Key levels and Market Sentiments
The 4 hours chart above indicates a bullish momentum ahead, with the next major Fibonacci target at $123,135.7. This aligns with growing investor confidence and strong market momentum. Bitcoin’s price rally is supported by higher lows (green arches), indicating sustained buying pressure.
A green upward arrow on the chart also indicates an accelerated momentum towards $120K, if BTC maintains its position above $102,000 mark.
What’s next for Bitcoin?
With the recent Bitcoin price predictions, BTC breaking the $120K resistance, and its hash rate reaching a new ATH, with all these developments , BTC’s upward momentum appears to be a high possibility. Analysts suggest that the climb up to $120K could come more swiftly due to increased institutional interest and favorable market conditions.
If BTC maintains this trajectory, the $120,000 target can be reached sooner than expected according to analysts.
Also Read: Bitcoin Hits ATH of $106,487 as Third U.S. State Gears Up for BTC Reserve
