Bitcoin Surges 10% to $109,747, Eyes $122,000 Target

Bitcoin has recently demonstrated a bullish trend, bouncing off a key re-accumulation zone. This movement has reinforced the cryptocurrency's structural support levels and has led analysts to predict a potential surge above $120,000, which would mark a new all-time high. The current price of Bitcoin is $109,747, and analysts are optimistic about its trajectory, citing a well-defined bullish AB=CD pattern on the BTC chart. This pattern has previously indicated significant upside potential, and the recent retracement into a key re-accumulation zone between $104,000 and $107,000 is seen as a healthy correction rather than a reversal.

According to the analysis, the present re-accumulation zone is a price range where buyers are believed to be stepping in again. As long as Bitcoin stays within or above this zone, the market will remain bullish. Currently, Bitcoin is trading well above the crucial psychological support of $100,000, reinforcing its bullish position. The broader market structure also remains intact within an Ascending Channel, supported by higher timeframe demand zones. If Bitcoin can firmly hold its price within the $104,000 – $107,000 range, the cryptocurrency could see a significant increase to the 2.618 Fibonacci Extension level near $122,000. Adding to this bullish case, a breakout above the $112,000 resistance is also needed to confirm the next leg of this move, marking a potentially stronger and larger upside momentum.

As the Bitcoin price approaches the local resistance around $111,000, analysts warn that the market may face a temporary hurdle before the continuation of the projected uptrend. If price action is rejected at this resistance level, traders should anticipate a potential re-test of the $107,000 – $108,000 region. This area has served as a reliable barrier during the recent consolidation phase and is expected to hold firm in the event of a minor correction. Most recently, analysts affirmed that this anticipated corrective move has already concluded, signaling that the market is now poised for the “real growth phase.”

With the base demand zone around $86,000 – $91,000 and strong support around $96,000 – $99,000, Bitcoin’s overall structure remains bullish unless a decisive breakdown below $100,000 occurs. Until then, all eyes remain on the $112,000 breakout level, which could trigger a potential surge toward the projected $122,000 target. The current analysis suggests that Bitcoin is on a bullish trajectory, with key support levels intact and a well-defined bullish pattern unfolding. The next significant resistance level to watch is $112,000, and a breakout above this level could confirm the next leg of the uptrend, potentially leading to a new all-time high above $120,000.