Bitcoin Ready For Second ‘Price Discovery Uptrend’ Following $109,000 Breakout – What’s Ahead For BTC?

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Bitcoin (BTC) has deed a caller all-time precocious (ATH) aft a 4% regular breakout supra the $109,000 mark. As the flagship crypto nears the adjacent barrier, immoderate analysts suggest that this cycle’s apical isn’t successful yet.

Bitcoin Hits New All-Time High

On Wednesday, Bitcoin deed a caller ATH of $109,800 aft breaking retired of the $107,000 short-term resistance, eyeing the $110,000 obstruction arsenic its adjacent target. The cryptocurrency has importantly recovered implicit the past 7 weeks, surging astir 47% from its five-month debased of $74,000 toward its existent levels.

Amid its May rally, BTC couldn’t interruption the important $106,000 resistance, trading between the $102,000-$105,000 scope for astir 2 weeks. However, its consolidation ended implicit the play arsenic Bitcoin Weekly Closed supra this obstruction for the archetypal clip successful history.

Since reclaiming this important level connected Monday, Analyst Ali Martinez pointed retired that the flagship crypto appeared to beryllium forming an ascending triangle signifier successful the little timeframes, which suggested a rally toward the $115,000 level erstwhile the terms broke supra the $107,000 mark.

In the aboriginal hours of Wednesday, BTC’s bullish breakout saw it retest the $108,000 barrier, facing rejection toward the $106,000 enactment earlier bouncing and smashing this obstruction and rallying toward its caller ATH.

Rekt Capital affirmed that the Second Price Discovery Uptrend is up for the cryptocurrency, arsenic its First Price Discovery Correction is yet over. The expert antecedently highlighted that Bitcoin would rally to a caller ATH aft Weekly Closing supra its re-accumulation scope and post-breakout retest.

BTC Preparing For Another 20%-30% Jump?

Analyst crypto Jelle suggested that BTC’s quality people is astir the $140,000 mark, pointing to a Power of Three (PO3) setup connected Bitcoin’s chart. The signifier divides the terms enactment into 3 phases: accumulation, manipulation, and distribution.

In the archetypal phase, a consolidation adjacent the caller precocious occurs aft a beardown terms performance. This is followed by a token’s terms falling beneath the accumulation phase’s enactment level successful the 2nd phase, trading wrong a scope beneath the precocious mislaid zone.

Lastly, the distribution signifier consists of a beardown terms breakout, with momentum gathering and participants entering the market. Based connected this setup, the flagship crypto started the accumulation signifier during the Q4 2024 rally, entering the adjacent signifier during the March-April retraces.

Amid its precocious April-May rally, Bitcoin has arrived astatine the setup’s last phase, with the expert forecasting $140,000 arsenic the adjacent people aft breaking supra the $108,500 mark.

Similarly, Sjuul from AltCryptoGems highlighted the aforesaid Po3 signifier connected BTC’s chart, affirming that investors could expect a “strong expansion” toward the $125,000-$130,000 levels aft breaking retired of its erstwhile ATH levels.

He antecedently pointed retired that “BTC is intelligibly repeating the summertime 2021 terms enactment and trading successful a perfectly bullish operation connected precocious clip frame,” which could suggest that the cycle’s apical isn’t successful yet.

As of this writing, Bitcoin trades 1.8% beneath its caller ATH, astatine $107,502.