Bitcoin Poised for New All-Time High Near $128,000
Bitcoin (BTC) is poised for a significant rally, with analysts predicting a potential new all-time high near $128,000. This follows a historically bullish October, dubbed 'Uptober', and positive market sentiment driven by dollar weakness and institutional inflows.
BTC is currently sandwiched between two major liquidity clusters at $107,000-$108,000 and $118,000-$119,000, which could act as price magnets. A breakout from the symmetrical triangle on its daily chart could drive BTC higher, with closing three consecutive daily candlesticks between $118,000 and $120,000 serving as a strong bullish signal.
Institutional activity is returning, with ETFs and private holdings driving accumulation. This reduces available supply and supports upward pressure. By 2025, institutional accumulation is expected to involve major asset managers, public companies, governments, pension funds, insurers, and small businesses. Over 150 firms and institutions globally now hold Bitcoin as a strategic reserve.
Bitcoin is well-positioned to test local resistance levels and potentially surpass recent highs. With a combination of seasonal and macro factors fueling bullish sentiment, BTC could target a new all-time high near $128,000. The coming months could prove decisive for BTC, with October historically delivering strong gains.
