Despite a huge price surge in the past few weeks that led to Bitcoin‘s move to a new all-time high, the crypto asset continues to demonstrate potential for an extended rally in the upcoming days, as evidenced by several crucial indicators and key breakouts from bullish formations that could pave the way for BTC to unprecedented heights.
Bitcoin’s Short-Term Performance Set Sights On New Peaks
Seasoned market expert and trader Javon Marks, in a bold prediction, has forecasted a significant upside surge for Bitcoin while positioning the next price target for the flagship digital asset at the $126,000 level. Javon Marks’ projection comes in light of improving market conditions and institutional support, suggesting a sustained bullish momentum that could trigger a move for BTC to this psychological price level.
According to the market expert, Bitcoin has been making exceptional progress toward the aforementioned price level since breaking out of a Descending Broadening Wedge formation, a key pattern measured to be a reversal indicator.
Following a breakout from the bullish chart pattern, the digital asset saw a huge upward rally from $67,700 to a new all-time high at the $93,450 threshold. Meanwhile, Javon Marks is confident that the uptrend is still on, predicting that there may be more to come.
It is worth noting that Javon Marks expects BTC to hit the $110,000 level before rallying to the $126,000 mark. With the crypto analyst’s full breakout target positioned at $126,000, it implies an additional over 20% surge well above the $110,000 threshold might be imminent.
Given the current rising interest from investors and a period of consistent accumulation of the crypto asset, there is a possibility of Bitcoin reaching the price target as it continues to attract the necessary momentum to maintain its uptrend, setting its sights on historic highs in the short term.
A Potential Pullback Ahead Of BTC’s Rally To Higher Highs
Captain Toblerone, a crypto expert and enthusiast, has also predicted Bitcoin’s run-up to the $120,000 range and beyond. Though the rally is strongly believed to occur, the expert has projected possible corrections for BTC after hitting $124,000.
Captain Toblerone expects Bitcoin to touch $124,000 by December. However, at this level, he noted that BTC will undergo a pullback to the $89,000 mark. Following the pullback, the analyst believes the crypto asset could resume its upside momentum to $154,000 by January 2025. Meanwhile, Captain Toblerone also anticipates another correction to the $123,000 mark within the month once BTC hits this level.
The analyst’s overall target is set at $240,000 by the middle of February 2025, which he claims will be followed by the final altcoin season expected to conclude in mid-March. While his prediction might transpire in a different way, Captain Toblerone has urged investors to proceed with caution and steer clear of leverage.
