In a notable move, Bitcoin's price reached an all-time high of $118,856.47, driven by strong momentum that pushed the market into a rising phase signaling more gains.
This bullish wave began after Bitcoin's price rose from around $113,000, paving the way for a new record, while the price is currently trading near $117,000.
According to analyses from 'Glassnode', the net unrealized profit and loss for long-term Bitcoin holders (NUPL) is still below the peak level, at 0.69.
This indicates that the market has not yet reached the usual peak of enthusiasm that precedes the ends of bullish cycles, reinforcing the hypothesis of continued upward movement.
In the previous cycle, this indicator exceeded 0.75 for 228 days, while it has only exceeded it for 30 days in the current cycle, highlighting the potential for greater growth.
The next target that the markets are watching is $158,000, which is a technical level yet to be tested and represents the upper limit of the expected range in this cycle.
Bitcoin's rise coincided with Ethereum's price breaking the $3,000 barrier, indicating the start of a broader movement in the altcoin market.
Ethereum's strong performance may be a precursor to a bullish wave that could include other digital assets, as some altcoins are likely to outperform Bitcoin in the upcoming phase.
Despite the notable activity in the altcoin market, attention remains focused on Bitcoin as the main indicator of the overall trend.
Reaching the price range of $116,600 suggests that the price is approaching the upper levels again and entering the magical range levels, which reinforces expectations for Bitcoin to reach $158,000, which likely represents the final destination of this bullish cycle unless unexpected surprises arise.
