Bitcoin Targets $138K After ATH Breakout, Altcoins Join the Rally
Key Insights:
- Bitcoin breaks $91K, showing stability within $87K-$93K; analysts predict a climb to $138K.
- Institutional demand surges, with $254M in Bitcoin ETF inflows and MicroStrategy’s $1.75B plan.
- Altcoins like Ethereum and Solana rally, while XRP ETF speculation gains traction amid legal updates.
Bitcoin’s price has continued its upward trajectory, reaching $91,792 as of press time, reflecting a 1.13% gain in the last 24 hours and a 3.69% increase over the past week. BTC has displayed notable stability, trading within a range of $87,000 to $93,000 over the last seven days. Its current market capitalization stands at $1.81 trillion, contributing significantly to the global crypto market cap of $3.08 trillion.
The recent surge in price comes as Bitcoin’s daily trading volume hit a staggering $80.3 billion, accounting for a large portion of the global crypto trading volume, which reached $566 billion. Analysts attribute Bitcoin’s continued rally to increasing institutional participation and growing demand for cryptocurrency exposure through spot Bitcoin ETFs.
Institutional Demand Fuels Bitcoin’s Momentum
Recent developments in institutional investment have played a crucial role in Bitcoin’s latest price surge. Spot Bitcoin ETFs have gained momentum, with inflows totaling $254 million, according to data from SoSoValue. These ETFs provide institutions and retail investors with a regulated avenue to gain exposure to Bitcoin without directly holding the asset.
Source: SoSoValue
Meanwhile, MicroStrategy, a prominent player in the Bitcoin market, has announced plans to raise $1.75 billion to further increase its Bitcoin holdings. Such actions by institutional investors demonstrate confidence in the cryptocurrency’s long-term potential, driving both demand and price.
Historical Trends Point to $138,000 Target Before Correction
Bitcoin’s current rally closely mirrors its behavior during the last two bull cycles. Historical data shows that after breaking previous all-time highs, Bitcoin typically enters a consolidation phase before surging to new heights.
In the 2017 bull market, Bitcoin gained 156% after surpassing its prior ATH, followed by a 39% correction. Similarly, during the 2020-2021 cycle, Bitcoin rose 121% before experiencing a 32% pullback.
If this trend continues, Bitcoin could climb to $138,000 or higher in the near term, according to crypto analyst Ali. Following this projected peak, the market may see a correction of around 30%, consistent with historical patterns. However, short-term volatility remains a factor to watch as Bitcoin continues to test new resistance levels.
Altcoins See Steady Gains as Crypto Market Expands
While Bitcoin continues to dominate, several altcoins have posted steady growth, contributing to the overall market expansion. Ethereum, the second-largest cryptocurrency, was trading at $3,126.25 at the time of writing, with developers focusing on scaling solutions like Starknet. Solana is holding at $241, while BNB remains at $618, despite a minor dip of 0.95% in the past 24 hours.
Other cryptocurrencies, including XRP at $1.11, have shown resilience, with market speculation around a potential XRP ETF gaining traction as its legal battles near resolution. Smaller altcoins like Akash Network and Hedera have also recorded notable gains of 40% and 30%, respectively, following new exchange listings and increased adoption.
Crypto Market Outlook as Bitcoin Eyes New Highs
The broader cryptocurrency market remains in a bullish phase, with Bitcoin leading the charge. As daily trading volumes continue to surge, market participants are closely monitoring the next price milestones.
Analysts suggest that Bitcoin could reach $150,000 or higher in the coming weeks if current momentum persists. However, periods of consolidation and price corrections are expected as the market adjusts to new levels.
Ethereum’s ongoing developments, combined with renewed interest in spot crypto ETFs, indicate that the market’s growth is not limited to Bitcoin. The crypto space is poised for further expansion as both institutional and retail investors maintain a strong appetite for digital assets.
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