Evaluation of Bitcoin's Price: A Resurgence in BTC Bullish Activity Post Recent Market Correction, Could $140K Be the Next Milestone?

Bitcoin, currently trading at approximately $119K, has shown a promising bullish pattern despite recent signs of short-term exhaustion. After breaking out from its bullish channel and crossing the $108K resistance zone, the cryptocurrency hit a new all-time high of $123K. Now, Bitcoin is hovering below the midline of its multi-month ascending channel with the potential to reach $140K. It is well above the 100-day and 200-day moving averages, indicating sustained demand and the likelihood of continued upward trend.

Despite a slight pullback, Bitcoin's current position offers opportunities for bullish continuation towards $125K and beyond. Interestingly, retail trading activity in the Bitcoin market is yet to reach the levels seen during previous highs, suggesting the potential for further sustainable price increase if other market factors remain stable.