Bitcoin reached a new all time high of $125,559 on Sunday while gaining with a modest 1.78% surge over the last 24 hours. However, the crypto space believes the largest cryptocurrency still has more up its sleeve, with a new high expected soon.
At the time of writing, Bitcoin is trading near $125,100, just 0.3% below the new time high, according to CoinMarketCap. The rally dates back to September 25 after the token retested a support level at $108k. Buyers were able to take control, printing massive bullish candles since then.
Meanwhile, this rally came as a result of the U.S dollar losing value. Due to that investors are reportedly turning to other assets like Golds and Bitcoin for more profits in investment.
A recent letter from Kobeissi explains that “There is a widespread rush into assets happening right now.” The analyst explained that inflation is increasing and the job market is slowing. Aside from that, the U.S.Federal Reserve is cutting interest rates which makes other assets more attractive to investors.
Bitcoin to Hit $126k or More Soon
Despite the recent surge, many believe that the cryptocurrency still has the potential to cross $126k soon or even higher.
Looking at the chart via Tradingview, Bitcoin is still printing more bullish candles after respecting a support zone on the 1-hour timeframe. In addition to that, the Relative Strength Index RSI is currently at 70, which suggests that the token still has more room to surge.
In a post on X, crypto analyst Ted, confirmed that Bitcoin price action is respecting the Wyckoff accumulation and distribution theory with a potential to reach $126k just considering a “correction towards $118,000-$120,000.
Meanwhile, Geoff Kendrick, an analyst at Standard predicted a more significant target of $135 before the end of the year as more medium sized holders buy in.
Also Read: BNB Chain Taps Chainlink to Get US Government Economic Data
