Key Points:

• Traders in the Bitcoin market are anticipating a breakout above the Resistance Trend Line, with a potential target around $125,000.

• As Bitcoin consolidates and ether reaches a seven-month peak, interest is shifting towards Altcoins.

• There is still potential for a general rise in Altcoins, with many yet to experience rebounds similar to Ether’s recent performance, according to market commentary.

Bitcoin (BTC) settled at around $118,500 at the end of the week, as traders awaited a breakout toward new highs.

Traders: Anticipating a $125,000 Breakout for Bitcoin

Recent insights from Cointelegraph Markets Pro showed the BTC/USD pair after dipping just below $117,000 last Friday.

Although the pair maintained most of its gains throughout the week, it faced pressure from consolidation, falling short of a new all-time high.

Currently, traders note that the Resistance Strength Line is a barrier to Bitcoin moving above $123,000.

“BTC is gearing up for a significant move,” claimed trader Marcus Corbinus on social media.

“Bitcoin is forming a triangle pattern, holding strong support around $116,000 to $117,000. It’s hovering there for now, but not for long.”

Corbinus also shared a chart illustrating the trendline, indicating that a breakout could push BTC/USDT towards $125,000.

“If it dips below support, prices might drop below $111,000,” he mentioned.

“This triangle is nearing either a breakout or a breakdown. Prepare yourself; a big move is coming.”

In a daily analysis, trader Rekt Capital commented on a similar trend.

“Bitcoin is still in a range with consolidation ongoing, while Altcoins are attracting more capital,” he noted in a recent post.

“However, if Bitcoin surpasses the recent lower high, it may make another attempt to break out further.”

Ether Hits a Seven-Month High

As noted by Cointelegraph, Altcoins gained traction this week amidst Bitcoin’s consolidation.

Among those capturing attention are major Altcoins like Ether (ETH) and XRP, both associated with high price forecasts.

“Ethereum has been shifting for a while, oscillating between $2,200 and $3,900,” Rekt Capital commented, sharing data from since late 2023.

Crypto trader and analyst Michaël Vande Poppe described the recent ETH/USD rebound as “absolutely astonishing.”

“This is an incredible reversal for ETH.”

“Ethereum was the early mover and has effectively returned to its December 2024 highs, suggesting there are still significant upsides ahead,” he added over the weekend.

“But many Altcoins have seen declines of 50-80% from their December 2024 peaks, indicating there’s still ground to cover.”

This past Sunday, ETH/USD traded above $3,750, marking its first time over that threshold since December 18, 2024.

This article does not constitute investment advice or recommendations. All financial activities involve risk and readers should conduct their own research prior to making decisions.