Bitcoin's price has reached a new historical high of $122,000, but many analysts believe this is just the start of a significant rally.
Bitcoin Continues to Rise
Despite hitting a record of $122,000, Bitcoin is still in the lower part of its historical price channel. The price typically follows a certain pattern, and at this point, Bitcoin is only beginning its ascent towards the upper bound of that channel, suggesting the possibility of further growth.
RSI Indicates a Bullish Trend
The Relative Strength Index (RSI) shows increasing activity without signs of being overbought. Analysts note that the current situation resembles previous surges in 2021. The indicator demonstrates that demand for Bitcoin continues to grow, which may signal the potential for the rally to continue.
Traders on the Brink of Liquidation
Some traders are betting on a decline in Bitcoin's price, using leverage. This means that as the price rises, their positions may be liquidated, leading to a significant number of automatic Bitcoin purchases that further boost prices. Analysts point to a concentration of such positions in the $120,000 to $125,000 range, creating conditions for potential growth.
While Bitcoin's price has reached a record of $122,000, the analysis shows that the potential for further growth remains unexhausted. Various technical indicators and market conditions suggest possible new highs ahead.
