As Bitcoin shattered more price records this week and surged towards the coveted $100K price target, price analysts revealed when the market could expect a $255K Bitcoin price.
Leading on-chain crypto analyst Ali Martinez has boldly stated that Bitcoin’s bullish pattern is in a cup-and-handle period. Based on technical analysis, the leading digital asset is on its way to hitting $255,000.A growing number of cryptocurrency analysts have raised their predictions with the increasing numbers of Bitcoin’s all-time-high records.
Bitcoin Surpasses Saudi Oil Giant Aramco
Bitcoin burst through the $90K ceiling and reached $93K Wednesday, with a market capitalization of $1.83 trillion. Data from CompaniesMarketCap showed that as Bitcoin shattered more price records, it overtook oil giant Saudi Aramco, whose market cap stood at $1.79 trillion at the time of going to press.
The ongoing bullish sentiment of the crypto market seems poised to push BTC’s market cap to $2.2 trillion, as per Alphabet/Google. Donald Trump’s election victory, which has seen Bitcoin hit a new all-time high, has caused digital assets to overtake firms like Berkshire Hathaway, Tesla, Meta Platforms, and Silver. Silver, ranking ninth among the largest assets with a market cap of $1.73 billion, became the latest asset that Bitcoin had to surpass, followed by the Saudi oil giant Aramco.
It Isn’t Surprising That Bitcoin Shattered More Price Records
According to another report by Matrixport, Bitcoin shattered more price records by recording an unprecedented $145 billion in daily trading Tuesday, which represented a 50% increase from the previous peak achieved last August and March during the last all-time high.
The report’s authors opined that the latest records were a result of increasing interest in the asset by individual and institutional investors following the election of a pro-crypto presidency on November 5, 2024. Records show that there has historically been heightened retail participation that sustained the high upward momentum and high volumes that drove the bullish tendencies for weeks or months at a time.
The fact that Bitcoin shattered more price records during the week doesn’t come as a surprise, considering Google data shows increased interest in searches relating to BTC. Data from Google shows an increase of 78% relating to searched on Bitcoin which is 78% higher than it has been in recent years. The result show a growing interest that suggests increased excitement and curiosity from people attracted to Bitcoin and cryptocurrencies.
Market Sentiment Surrounds Investor Optimism
Bitcoin’s new all-time high has been achieved at a time when there is a bullish sentiment surrounding Bitcoin ETFs, which have recently recorded remarkable inflows as over $1 billion was recorded over the two days following Donald Trump’s election victory. Records show that the US Bitcoin ETFs registered $1.37 billion in net inflows last Friday as Bitcoin traded at around $75,000.
Last Monday, $1.11 billion in inflows and $817.5 million in inflows were recorded on Tuesday when the price fell slightly from $89,000, Bitcoin’s new all-time high. These records are a clear indication that the activities surrounding the crypto market sentiment surround the optimism investors have regarding Bitcoin’s price and value.
The spectacular 25% spike over the last seven days, when Bitcoin shattered more price records, is clear evidence that the world’s largest cryptocurrency by market has strengthened, and the bulls are fully in charge. Beginning November 5, when Trump’s win became apparent, the flagship cryptocurrency has shattered every record, easily rising past the $93,477 mark, with experts now focusing on a potential $100,000 rally within the next few days. The growing demand in the spot Bitcoin ETF market has registered most of the inflows as Bitcoin shattered more price records.
Conclusion
Most experts refer to the cup-and-handle pattern as a technical chart formation that predicts a continuous bullish trend following a period of price consolidation. Analysts believe the rounded bottom in Bitcoin’s price, followed by a consolidation phase resembling a handle, is a good indication of Bitcoin’s new all-time high. Most analysts now believe that BTC’s next resistant points will be at $154,699 and $384,067, with the primary target at $255,000.
Analyst Gert van Lagen stated in a recent X post that “If Bitcoin price action is following a cup-and-handle pattern, the bullish target could reach $255,000.” According to him, the latest breakout, where Bitcoin shattered more price records, suggests a new phase, with a projection that places the targeted range between $220,000 and $320,000.
