The cryptocurrency market is rebounding as Bitcoin's price soared from $113,000 to $117,000 in just one day, currently fluctuating around $116,000. This new breakout signals the possibility of the start of a new bull market, with analysts predicting more bullish runs in the future.
As usual, market volatility is to be expected, with price fluctuations and retests of support levels. However, the overall trend is clearly bullish. Despite months of market concerns over tariffs, war news, and tightening regulations, on-chain data and market charts consistently support that the bull market remains intact, now reflected on the price charts.
Not only Bitcoin, but altcoins are also awakening. Ethereum has surpassed the $2,900 mark, rising 14% this week. XRP surged to $2.57, up 13%, while Solana increased to $164, up 8% over seven days. This pattern follows the typical bullish market cycle, where liquidity shifts from Bitcoin to altcoins after BTC experiences significant volatility.
What Will Bitcoin's Price Be Next?
Technically, Bitcoin has also surpassed major resistance areas on multiple charts, including a long-term downtrend channel and a bullish cup-and-handle pattern on the 3-day chart. If this breakout is sustained, Bitcoin could aim for $150,000 in the coming months.
According to analysis, the current market structure is holding up well. The key support level is around $112,100, and as long as Bitcoin maintains above this level, the upward momentum is expected to continue. A drop below this price would shift attention to lower support areas, including the $107,300 region.
Although a short-term pullback may occur, such strong bullish runs often bring surprises on the upside. Bitcoin's recent breakthrough past previous resistance levels indicates that the market still has room for upward movement.
Global liquidity is also increasing, with stock markets like the S&P 500 reaching new record highs and the US dollar weakening, a historic combination favorable for cryptocurrency. $BTC
