The cryptocurrency market has shown stability today, with Bitcoin trading at $107,375, up by 0.3% in the last 24 hours. Other altcoins like XRP, BNB, Solana, Dogecoin, SUI, and Cardano have also seen modest gains of 1–4%.
Bitcoin’s Bull Cycle Just Getting Started?
According to analyst Michaël van de Poppe, Bitcoin is currently displaying an extremely bullish setup that could potentially lead to a new all-time high as early as this week. Bitcoin recently surpassed liquidity above $108K, pulled back, and is now consolidating just below a major resistance level. The analyst points out $110.5K as the crucial breakout level. If Bitcoin manages to clear this level, it could accelerate towards new all-time highs, similar to the previous breakout above $106.5K.
Analysts Eye $110K Breakout for New ATH
Despite a slight slowdown in Bitcoin’s momentum, analysts believe that the bull market is far from over. The MVRV ratio is currently at 2.2, well below peak levels, indicating that there is still room for growth. A surge in MVRV momentum, coupled with strong ETF inflows, could potentially propel Bitcoin beyond $112K, with some analysts even setting their sights on $165K.
Bitcoin’s next significant move hinges on breaking through the resistance zone between $108K and $110K. Analyst AlphaBTC emphasizes that it will require substantial momentum to turn this zone into a support level.
Final Resistance at $108K?
A potential pullback to around $104K–$105K could provide Bitcoin with the liquidity needed to fuel a more robust upward push. Rekt Capital identifies the $108K level as the “final major weekly resistance” preventing new all-time highs.
Analyst Scott Melker highlights Bitcoin’s resilience in the face of short-term volatility and macroeconomic uncertainties. He attributes Bitcoin’s stability to strong underlying demand, particularly from institutional investors. In the past 12 days, spot Bitcoin ETFs have recorded net inflows of $4 billion, underscoring robust investor confidence. Despite global tensions, Bitcoin’s upward trajectory appears to remain intact.
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