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Bitcoin Price Analysis: BTC Nearing Exhaustion or Gearing Up for $130K Next?
By Crypto VizArt
As we dive into the current market dynamics, it’s imperative to acknowledge that Bitcoin has officially entered price discovery once again. Trading just below $122,000 at the time of writing, this asset is in dire need of a correction.
After months of consolidation and multiple failed breakout attempts, the bulls have finally regained full control. The sudden surge above the previous all-time high around $112,000 was followed by explosive momentum, leaving investors wondering how much further BTC will run.
A closer look at the daily chart reveals that Bitcoin is still respecting its long-term ascending channel, rebounding from its lower boundary and currently rallying towards the mid-line. This upward movement saw the price decisively close above the $112,000 all-time high, an area that had served as a distribution zone for over a month.
Following this breakout, BTC printed numerous bullish continuation candles, sending the asset soaring to $122,000. Nonetheless, a retracement into the $114K-$117K region is highly probable to cool down the market. Such a pullback would not invalidate the bullish structure but rather offer a healthier continuation setup.
As long as the price holds above the $114K breakout level, the medium-term structure will remain strongly in favor of the bulls.
Source: cryptopotato.com
