Bitcoin Surges to $105,000: Analysts Predict New All-Time High

Bitcoin's recent surge to $105,000 has sparked optimism among analysts, with some predicting a new all-time high in the coming weeks. Crypto analyst Michaël van de Poppe celebrated Bitcoin's price increase, suggesting that a new record could be on the horizon. This follows his earlier prediction that a break above $105,000 could lead to a new all-time high in February.

Bitcoin's resilience in the face of broader market weakness has also been noted by other analysts. Pentoshi pointed out that Bitcoin is holding above the middle of its current range, which has now turned into support, and sees no reason why new highs shouldn't be expected soon.

Meanwhile, Fed Chairman Jerome Powell's statement that banks are perfectly capable of serving crypto customers has led to a renewed surge in Bitcoin's price. Powell's remarks were seen as a green light for banks to custody crypto on behalf of institutional and private clients, despite no change in interest rates or inflation targets.

The 4-hour chart for Bitcoin shows the recent breakout, with the price at the last decent resistance level. If the price is rejected here, a retest of the descending trendline is a possibility, which could coincide with a descent to the horizontal support at $102,000. However, the uptrend appears to be inexorable, and a spike up to the next target at $120,000 still looks favorable.

The 5-day chart is also crucial for bullish continuation of the uptrend. A close above $104,300, with a nice long candle wick underneath, could potentially lead to price growth to $120,000, and perhaps beyond.