Bitcoin has a chance to reach a new historical high of $ 126,200 — analyst

Bitcoin BTC $95,438.47 Mezo Wrapped BTC 3.36% Market capitalization $55.27 million VOL. 24 hours $2.23 billion has steadily consolidated above $ 95,000, adding about 3.8% per day and more than 6.5% over the past 30 days. The breakout of the key level changed the tone of the market and increased expectations for further growth.

The price confirmed its exit from the cup-and-handle technical pattern, breaking through resistance at $ 94,800 on high trading volumes. This indicates real demand rather than a short-term movement on low liquidity. Analysts call $ 106,600 the next important target, but before that, Bitcoin must return above the psychological mark of $ 100,000.

On-chain data also supports the positive scenario: most investors bought at a lower price and are now in profit, which reduces the pressure to sell. Since the beginning of January, large wallets with 10,000−100,000 BTC have increased their assets from 2.18 million to 2.20 million BTC, and retail investors have also started accumulating.

At the same time, the risk remains in derivatives: the ratio of long to short positions is approximately 9:1, making the market vulnerable to a pullback. A drop below $ 94,800 could lead to the liquidation of longs and a temporary decline to $ 90,000, although strong buying near support could limit losses.

The technical structure remains bullish: holding the $ 94,500-$ 94,800 zone confirms the breakout, and the key targets are $ 106,600 and $ 112,000. If they are overcome, the way to a new all-time high of around $ 126,200 is open, which makes forecasts of record prices in January quite realistic.