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- Bitcoin price holds steady above $122,000 as analysts drew parallels with the 2016 and 2020 rallies.
- Market watchers expect a brief pause that could open room for altcoin gains.
Bitcoin is moving strongly again, trading above $122,000 and approaching its all-time high. Market watchers say this looks very similar to the strong rallies of 2016 and 2020. They also believe that while Bitcoin may slow down a little before another big move, the short pause could create good momentum for altcoins to rise.
Bitcoin Approaches All-Time High
At $122,390 and a daily surge of 2.28%, Bitcoin is holding firm and has shown steady growth over the past days. The coin is far above its 20-day moving average, which analysts see as a sign of solid momentum.
Michaël van de Poppe, a known voice in the market, pointed out that Bitcoin has already tested the previous record. He expects a short period of consolidation before another surge.
According to him, this quiet phase is important because it often helps other cryptocurrencies gain value.
He compared the situation with earlier cycles in 2016 and 2020, when altcoins performed strongly as Bitcoin built strength for the next jump. In his words, the setup today is very similar to the past years.
The numbers underline the confidence in the market. Bitcoin’s market cap now stands at $2.43 trillion, while daily trading volume is over $76 billion. The steady rise, even after small pullbacks, shows that demand remains high. Many traders see this as the early stage of a bigger rally.
It is important to mention that while BTC price continues to climb, CNF reported that Bitcoin open interest on Binance reached a historic high. This shows stronger market participation and heightened trader engagement.
In another major update, we noted in our earlier post, Qian’s years-long crypto fraud tricked over 128,000 Chinese victims, with UK police later recovering 61,000 BTC worth $6.7 billion in the world’s biggest cryptocurrency seizure.
Bold Forecasts as Market Optimism Grows
Predictions for Bitcoin vary but remain on the upside. Some of the most bullish voices expect the price to reach $250,000 by the end of the year. As highlighted in our previous article, Arthur Hayes has tied this outlook to more liquidity coming into the U.S. economy, which could push more money into digital assets.
Van de Poppe, while not ruling out such numbers, gave a gradual forecast. He sees Bitcoin moving to $125,000 and $150,000 first, with the chance to climb higher after that. Tom Lee also remains positive, saying that $200,000 is achievable in the near term, though he also leaves room for $250,000 in 2025.
As indicated in our earlier discussion, on the more cautious side, firms like VanEck and Standard Chartered have set targets between $180,000 and $200,000. Still, even the lower figures show clear confidence in growth.
Notably, with Bitcoin close to a breakout and altcoins likely to benefit during any pause, traders are watching the next weeks closely. The current pattern points to another strong chapter for the market, much like the rallies seen in earlier cycles.
