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

Bitcoin is positioned 5% away from its all-time high, and bulls expect it to be surpassed 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 has recorded 19 consecutive days of inflows, showing strong demand.

Some altcoins show strength, having broken their large 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 maintain 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 the last trading week 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 begun, as altcoins have only had modest movements 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 bulls are in no rush to take profits.