As the new week kicks off, Bitcoin has held above the short-term support of $116,500, igniting hopes for a spectacular breakout among traders.
Bitcoin's price is aiming for a breakout to $125,000.
According to data from TradingView, the BTC/USD pair has rebounded strongly after the drop below the $117,000 mark on Friday.
Throughout the past week, Bitcoin has maintained a stable upward momentum, although it has yet to surpass its historical peak to enter a new growth cycle, as the market continues to fall into a state of accumulation.
Currently, traders believe that a strong resistance zone is blocking Bitcoin's efforts to re-establish the “price discovery” trend above the $123,000 threshold.
“BTC is preparing for a major breakout,” analyst Marcus Corvinus stated in a post on platform X.
“The price is still moving within the triangle pattern and firmly holding around the strong support zone from $116,000 to $117,000. This sideways movement will not last long.”
Corvinus recently shared a technical chart, showing that Bitcoin is approaching an important resistance level. According to him, if this resistance level is conquered, the BTC/USDT pair could very well reach the $125,000 mark.
However, he also warned: “If the price slips below the current support zone, it is likely to fall to the $111,000 mark, or even lower.”
He emphasized that the triangle pattern on the chart is nearly complete — meaning a strong breakout or breakdown is very close. “Get ready. A big move is about to happen,” he said.
On the daily timeframe, renowned technical analyst Rekt Capital also observed a similar pattern. In the shared chart, he noted:
“Bitcoin is still fluctuating within the accumulation zone. This phase is facilitating the continued spread of capital into Altcoins.”
However, he noted that if Bitcoin can break through the lower peak zone — marked by the black line — this coin will be ready to challenge the upper limit of the fluctuation zone, opening up opportunities for a new breakout.
Ether peaked 7 months before the weekly candle close.
As reported by Bitcoin Magazine, the altcoin market is gradually “heating up” again this week as Bitcoin enters the accumulation phase.
Leading the recovery is Ethereum (ETH) — the largest altcoin — along with XRP, as both are expected to continue breaking out strongly in the near future.
“The macro fluctuation range from $2,200 to $3,900 has become Ethereum's familiar operating zone,” according to a post on social media platform X, along with a price chart from late 2023 to now.
Renowned analyst Michaël van de Poppe called the surge of ETH/USD “extraordinary beyond imagination.”
“Ethereum is the first coin to surge back and is now nearing the price peak from December 2024. This shows that there is still significant room for price appreciation,” he shared over the weekend.
However, he also noted that most altcoins are still trading 50–80% lower than their December 2024 peaks, indicating that the market's recovery potential is still very abundant.
As of Sunday, the ETH/USD pair had risen above the $3,750 mark — the highest since December 18, 2024.