Bitcoin (BTC) hit a new all-time high of $106,352 earlier today. Since its peak, the original cryptocurrency has dipped by 1.6%. BTC’s price fell below $95,000 the previous week. The asset has made significant gains over the last few days. BTC is up 2.1% in the daily charts, 6% in the weekly charts, 8.5% in the 14-day charts, and 14.8% over the previous month. BTC has also risen by more than 147% since December 2023.

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Why Is Bitcoin Rallying?

BTC has hit multiple highs this year. The asset hit a new peak in March after the SEC greenlit 11 spot BTC ETFs. The asset hit another peak after Donald Trump won the US Presidential election. BTC breached the $100,000 mark for the first time in early December, marking a significant milestone in the asset’s journey.

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The market dip last week could be due to inflation in the US rising to 2.7%. Market participants seem to be still bullish on crypto. The bullishness could be due to Trump’s pro-crypto stance. We may be in for an extended bull run this cycle.

Will The Asset Hit $120,000 Next?

Bitcoin (BTC) may continue to hit multiple highs over the next few months. Many analysts paint a bullish picture of the asset.

According to CoinCodex, BTC will continue its upward momentum over the next few weeks. The platform predicts BTC will trade at $128,006 on Jan. 29, 2025. Hitting $128,006 from current price levels will entail a rally of about 22.25%.

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Changelly, on the other hand, is a little bearish on Bitcoin (BTC). The platform anticipates the asset to trade at a maximum price of $108,595 in January 2025. Hitting $108,595 from current price levels will translate to a rally of about 3.71%.