Bitcoin Hits New All-Time High At $118,856.47, Altcoins Follow

Bitcoin, the pioneer crypto asset, has set a new all-time high (ATH) of $118,856.47, marking a significant surge in the crypto market over the last 40 hours. The price of Bitcoin initially pumped from a $113,000 ATH target before reaching its current record. This surge has positioned the crypto market on the brink of a parabolic phase within the ongoing Bitcoin bull cycle, with both Bitcoin and altcoins expected to experience substantial price increases. The next ATH target for Bitcoin is set at $158,000.

Yesterday, Bitcoin's price skyrocketed from consecutive ATHs at the $112,000 and $113,000 ranges, ultimately reaching the $118,400 range. After a brief pause, the price surged again to hit the current ATH of $118,856.47. Bitcoin is now trading in the $117,000 range. Several analysts have attributed the pump to the upcoming parabolic wave for Bitcoin's price. According to Glassnode analytics, despite Bitcoin's new ATH above $118,000, the Long-Term Holder Net Unrealized Profit and Loss (NUPL) remains below the euphoria zone, currently at 0.69. This cycle has seen only 30 days above the 0.75 threshold, compared to 228 days in the previous cycle.

This data suggests that a more significant parabolic wave is on the horizon for Bitcoin's price. The surge in Bitcoin's price has also lifted the price of Ethereum (ETH), the pioneer altcoin asset, which finally surpassed the $3,000 price barrier after a period of sluggish movement. Analysts anticipate that ETH will reclaim its previous ATH before targeting higher ATHs. During the surge, ETH's price outperformed Bitcoin, indicating a stronger price pump for ETH and other altcoins alongside Bitcoin in the coming days. Sentiments for the ongoing bull cycle's altseason peak phase, which could lead to bullish pumps, are at an all-time high.

While altcoins and ETH are expected to pump, analysts remain focused on Bitcoin's price. According to a recent analysis, Level 3 of the Magic Bands was achieved at the $116,600 price mark for Bitcoin. The next expected target is the untouched cycle top band at $158,000, which is increasing. This analysis suggests that Bitcoin is nearing endgame territory, with significant price increases anticipated in the near future. The crypto market is preparing for a parabolic phase, with both Bitcoin and altcoins expected to soar to new heights. The next ATH target for Bitcoin is set at $158,000, with analysts predicting a bullish outlook for the crypto market.