The collective crypto market has turned bullish ahead of President-elect Donald Trump’s inauguration on Jan. 20, with Bitcoin (BTC) breaking past $100,000 yet again.

A Look at the Charts

As we take a closer look at Bitcoin’s price action, it becomes clear that multiple analysts are presenting new all-time high targets for the largest crypto asset in the coming days. With BTC closing a daily candle above $100,000 for the first time on Dec. 8, but only for six days since then, the current break above this milestone is a pivotal turn.

What’s Driving Bitcoin’s Price?

Posty, a crypto trader, believes that BTC’s current price action reflects its bullish rally from Q1 2021. After considering the laws of diminishing returns over a period of four years, Posty predicts that if BTC continues to follow its previous cycle pattern, it would be valued at around $138,000 in February.

Analyst Predictions: A Look at $200K and Beyond

Cryptochimpanz, a Bitcoin proponent, also weighed in on the matter, stating that BTC’s monthly chart illustrates a "nasty" setup from its previous bull run. According to Cryptochimpanz, if we follow a similar path, the price of Bitcoin can go as high as $200k.

The State of the Market: 90% of Total Supply in Profit

Axel Adler Jr., a Bitcoin researcher, highlighted that 90% of the total Bitcoin supply is currently in profit. Unless there is a "black swan" in the current cycle, BTC drawdowns could be minimal and emulate its 2017 bull run rather than 2021, when China’s BTC mining ban momentarily halted the rally.

Coinbase Premium Index Returns to Neutral

After a period of rigorous selling between Dec. 18 and Jan. 2, Bitcoin’s Coinbase premium has returned to a neutral index, as recorded on Jan. 4. IT Tech, an anonymous Bitcoin analyst, explained that the premium increasing back to a breakeven point shows that "sentiment by the US and institutional investors is back."

Important Note: The Coinbase Premium Index

It’s essential to remember that the Coinbase premium largely tracks US retail investor sentiment rather than institutional sentiment. On the contrary, Cointelegraph earlier reported that overall Bitcoin retail investors’ transaction volumes have dropped significantly since BTC reached $108,000 last month.

The State of Retail Interest: A Buying Opportunity?

Darkfost, an onchain analyst, stated that the rolling 30-day change in retail-sized transaction volumes under $10,000 has dropped to lows, which were last witnessed in September 2024. With the variation dropping under -10%, Darkfost said that it means retail interest had dropped significantly, but it opens an ideal buying opportunity over the long term.

Technical Perspective: Bullish Break of Structure

From a technical perspective, Bitcoin has undergone a bullish break of structure (BOS) after it closed a daily candle above $97,000 last week. Its current break above $100,000 is a positive sign, but Crypto Scient, a markets trader, emphasized that $100,000 remained a key inflection point for Bitcoin.

Will Bitcoin Hit $138K in February?

The question on everyone’s mind: will Bitcoin hit $138K in February? Only time will tell. However, one thing is certain – the collective crypto market has turned bullish ahead of President-elect Donald Trump’s inauguration on Jan. 20, and the price of Bitcoin continues to surge.

Disclaimer

This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.