Bitcoin Surges 10% to New All-Time High of $113,788

Bitcoin's price surged to $112,599 on Thursday, marking a new all-time high for the leading cryptocurrency. This significant milestone has sparked discussions among experts about the potential for further price acceleration. According to analysts, a sustained daily close above $113,000 could trigger a substantial rally in the latter half of the year. This optimism is fueled by several factors, including a surge in corporate Bitcoin treasury purchases and the increasing use of Bitcoin as a reserve asset.

The key trigger for this anticipated rally is a sustained daily close above $112,000, followed by a successful retest of that level. This technical indicator suggests that Bitcoin's price could break through the $113,000 barrier, potentially leading to fresh highs. The limited supply of Bitcoin, with over 80% held by long-term investors, adds to the bullish sentiment. This scarcity could drive significant price changes as demand continues to rise.

Bitcoin (BTC) made a new all-time high above $113,788 on Thursday, and several analysts expect the uptrend to continue. 10x Research head Markus Thielen told that BTC has a 60% probability of rising more than 20% in the next two months. Milk Road co-founder Kyle Reidhead was even more optimistic, projecting a target of $150,000 for BTC. Bitcoin broke above the $110,530 resistance on Wednesday and hit a new all-time high at $113,788 on Thursday. However, the bears are expected to pose a solid challenge near the neckline of the inverse head-and-shoulders pattern at $113,800. Buyers will have to drive the price above the neckline to complete the bullish setup. That will clear the path for a possible rally to the pattern target of $150,000.

Sellers are likely to have other plans. They will try to pull the price back below $110,530. If they succeed, the BTC/USDT pair may slide to the moving averages. Buyers are expected to defend the moving averages with all their might because a break below the 50-day simple moving average may accelerate selling. That will also form a negative divergence on the relative strength index, signaling a deeper correction. The bulls are trying to maintain the price above the breakout level of $110,530. If they manage to do that, the pair could challenge the overhead resistance at $112,000. This is a crucial near-term resistance to watch out for because a break above $112,000 could propel the pair to $116,571. The first sign of weakness will be a break below $110,530. That signals profit-booking by short-term buyers. The bears will then try to strengthen their position by pulling the price below the 50-SMA. If they can pull it off, the pair may slump to $107,000 and then to $105,000.

The current price of Bitcoin is valued at approximately $112,599, slightly below its all-time high. The market dynamics indicate that Bitcoin is poised for further growth, with analysts predicting that the cryptocurrency could accelerate if it secures a daily close above $113,000. This price level is seen as a critical threshold that, if breached, could propel Bitcoin to new heights. The combination of corporate adoption and technical indicators points to a bullish outlook for Bitcoin in the near future.