Bitcoin Reaches New All-Time High as $100K Target Looms

Bitcoin (BTC) has surged out of months of bearish consolidation, entering what many believe to be its second bullish phase according to the Elliott Wave principle. In the past three days, the world’s leading cryptocurrency has gained more than 4%, hitting a fresh all-time high (ATH) of approximately $95,000 during the early Asian trading session on Thursday.

This powerful rally suggests that Bitcoin is gearing up for its expected parabolic phase, with the $100K mark now clearly within sight. Market sentiment is optimistic, as momentum continues to build, driving Bitcoin toward even higher levels.

Bitcoin’s Rally: Beyond the 2021 Highs

Having established solid support between $50K and $58K earlier this year, Bitcoin’s recent breakout has only reinforced its bullish trajectory. With this new rally surpassing its previous ATH of $69K in 2021, Bitcoin is now on track for higher potential price targets.

Veteran technical analyst Peter Brandt is particularly bullish, predicting that Bitcoin could close the year trading above $137K, bolstered by its successful breakout from a bullish pennant formation—a technical pattern that suggests further upward movement.

What’s Driving Bitcoin’s Price Surge?

Bitcoin’s recent rally is being largely fueled by strong institutional support, with U.S. spot Bitcoin ETFs playing a pivotal role. According to data from Glassnode, nearly $63 billion has been poured into Bitcoin over the past month, with spot ETFs contributing $28.7 billion. These ETFs now hold over 1 million BTC, valued at nearly $100 billion.

The rise of institutional investors, including notable companies like MicroStrategy, has sparked a wave of FOMO (fear of missing out) among firms eager to secure their position in Bitcoin. In addition, nation-states such as El Salvador, Bhutan, and the United States have significantly increased their Bitcoin holdings, further establishing the digital asset’s standing as a global store of value.

Investor Confidence Boosts Bitcoin’s Rally

Bitcoin’s climb to $95K has alleviated fears of a major sell-off, fueling growing investor confidence. The Fear and Greed Index, which measures market sentiment, remains in the “extreme greed” zone, currently sitting above 82%. This high level of optimism reflects the bullish outlook among traders and investors, who are betting on further price increases.

Bitcoin’s Dominance Grows at the Expense of Altcoins

As Bitcoin rises, its market dominance is also on the up, taking a larger share of the crypto market at the expense of altcoins. Benjamin Cowen, a respected market analyst, predicts that Bitcoin's dominance could reach 66% by the end of the year, potentially delaying the long-awaited altseason (a period of strong performance for altcoins) until early 2025.

With Bitcoin’s continued ascent toward the $100K mark, the broader cryptocurrency market is closely watching for the next big move. If current trends persist, Bitcoin could soon make another leap toward uncharted territory, signaling a new phase in its remarkable journey.