Bitcoin hits new all-time high above $119K as trader eyes 7-week uptrend

Bitcoin's price movement has been drawing parallels to late 2024, sparking speculation among traders about potential gains in the cryptocurrency. One trader has even suggested that Bitcoin could see a fresh 50% increase in value, as shorts on the leading cryptocurrency are once again feeling the pressure.

The comparison to late 2024 is particularly intriguing as it was a period of significant growth for Bitcoin. During that time, the cryptocurrency experienced a rapid surge in price, eventually reaching new all-time highs. Now, with Bitcoin's current price action mirroring that of late 2024, many traders are optimistic about the potential for further gains.

Shorts on Bitcoin, who are betting on the price of the cryptocurrency to fall, are finding themselves in a difficult position as the price continues to climb. As Bitcoin's value increases, these short positions are facing losses, leading to a phenomenon known as a "short squeeze." This occurs when short sellers are forced to buy back the asset at a higher price to cover their positions, further driving up the price.

The prospect of a 50% gain in Bitcoin's price is enticing for many traders, who are closely monitoring the market for any signs of a breakout. Technical analysis and market indicators are being scrutinized for clues about the direction in which the price may move next. If Bitcoin were to replicate the price action of late 2024, it could potentially reach new highs and attract even more investors to the market.

In addition to the price action, other factors are also influencing the cryptocurrency market. Institutional interest in Bitcoin and other digital assets continues to grow, with more companies and financial institutions exploring ways to incorporate cryptocurrencies into their portfolios. Regulatory developments and macroeconomic trends are also playing a role in shaping the market dynamics.

As Bitcoin's price continues to fluctuate, traders are advised to exercise caution and conduct thorough research before making any investment decisions. The volatility of the cryptocurrency market means that prices can change rapidly, and it is important for investors to stay informed and be prepared for potential fluctuations.

Overall, the parallels between Bitcoin's current price action and late 2024 are generating excitement and optimism among traders. With the potential for a 50% gain in the cards, all eyes are on Bitcoin as it navigates the evolving landscape of the cryptocurrency market.

Source: https://cointelegraph.com/news/btc-hits-new-all-time-high-119k?utm_source=rss_feed&utm_medium=rss&utm_campaign=rss_partner_inbound


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