$BTC Bitcoin price approaches a new all-time high as ETH, DOGE, PEPE, and ATOM rebound

Bitcoin is sitting 5% away from its all-time high and bulls expect it to break this week.



Price Analysis

Key points:

Bitcoin maintains its recent gains, increasing the likelihood of a new attempt to reach the all-time high at USD 109,588.

BlackRock's spot Bitcoin ETF registers 19 consecutive days of inflows, showing solid demand.

Some altcoins show strength, having broken their major consolidation patterns.

Bitcoin

BTC

€94,172

 made a decisive move above the psychologically crucial level of USD 100,000 during the week, signaling that the bulls are back in the game. Buyers are trying to hold the weekly gains of 10% over the weekend.

The Bitcoin rally has been supported by strong inflows into BlackRock's spot Bitcoin exchange-traded fund (ETF) (IBIT). According to data from Farside Investors, the fund extended its inflow streak to 19 days, with last week’s trading attracting USD 1.03 billion in inflows.

Daily view of cryptocurrency market data. Source: Coin360

The rally was not limited to Bitcoin, as several altcoins also rose. This has led analysts to announce the start of an altcoin season, with some predicting strong rallies in altcoins in the coming months. However, not everyone believes that an altcoin season has started, as altcoins have only had modest moves compared to the massive price erosion from their respective all-time highs.

Could Bitcoin break to a new all-time high and maintain it? If it does, let’s study the charts of cryptocurrencies that could rise in the short term.

Bitcoin price prediction

Bitcoin has been gradually advancing towards the all-time high of USD 109,588, indicating that the bulls are not in a hurry to take profits.