Bitcoin Surges 0.2% to New All-Time High of $109,845 on Whale Buying

Bitcoin has achieved a new all-time high (ATH) of $109,845, surpassing the previous high of $109,588. This significant breakthrough is attributed to a surge in adoption, propelling the cryptocurrency to a $2 trillion asset valuation. The price discovery correction following the initial uptrend appears to have concluded, suggesting that the current discovery phase may persist for an extended period. The Bitcoin price has confirmed a breakout above the final resistance level below the ATH, indicating a prolonged period of price discovery.

Whales, or large investors, are displaying confidence in Bitcoin's future trajectory. James Wynn, a prominent whale holding 40X BTC, has increased his long position to $1 billion. This move is fueled by record Bitcoin ETF inflows, a growing number of profitable holders, and an overall bullish sentiment. Consequently, the open interest (OI) has reached a new ATH, rising by $13 billion on Binance. This increase in open interest suggests a rise in the total number of outstanding Bitcoin futures or options contracts, indicating heightened liquidity and volatility within the markets.

The Bitcoin price has experienced a V-shaped recovery, surging above the final resistance zone and entering a discovery phase. This phase is characterized by a bullish divergence, where the +Di and -Di indicators are heading for a bullish crossover. This divergence validates the commencement of a fresh ascending trend, which could sustain the price within the discovery phase for an extended period. The 50/200-day moving averages (MAs) are also heading towards a bullish crossover or Golden Cross, further supporting the bullish outlook.

Bitcoin's price has broken its all-time high after 121 days and has set new records in its market capitalization and realized cap. According to the analyst's forecast, the next Bitcoin price high could be around $119,000. This forecast is based on the current market trends and the sustained bullish sentiment among investors. The future trajectory of Bitcoin's price will depend on various factors, including adoption rates, regulatory developments, and market sentiment. However, the current trends suggest a prolonged period of price discovery and potential for further gains.