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Bitcoin, the first and largest cryptocurrency, is getting closer to its all-time-high price point than it has in four months, reaching highs of $108,050 early Wednesday.
Bitcoin had slightly erased some of its gains at press time, but it was still up 0.72% in the last 24 hours to $106,145; however, analysts expect a move higher in the coming days.
According to on-chain analyst Willy Woo, Bitcoin’s next major move could be fast once it hits its all-time high. Woo believes that once BTC decisively breaks its current all-time high, the lead crypto asset could skyrocket to $118,000 faster than expected.
At current levels, Bitcoin is just 2.71% away from its all-time high of $109,114 reached in January.
"Once Bitcoin properly breaks all-time highs, the move to $118,000 will be very fast," Woo tweeted, echoing growing sentiment in the crypto community that Bitcoin might soon set new all-time highs.
Is Bitcoin's all-time high coming?
On-chain analytics platform Santiment launched a poll stating that now that Bitcoin has breached $107,000, when will its market value breach the $109,026 all-time high from Jan. 20, 2025?
A total of 71.5% of respondents chose the option of "by end of May"; 16% voted for the option of "by end of 2025," while 3.4% chose "2026 or beyond."
With BTC holding above $100,000 for more than 11 days in a row, some traders believe this is a sign of accumulation and strength at current levels.
As the crypto market approaches a $4 trillion market capitalization, some in the crypto community anticipate that BTC will reach all-time highs in the coming weeks. According to CoinMarketCap, the total crypto market cap currently stands at around $3.35 trillion.
In the coming days, eyes will be on the emergence of a golden cross on the Bitcoin daily charts, a potential bullish signal that might validate the current market sentiment.
Vladislav Sopov
U.Today Editorial Team