According to CryptoSlate’s data, Bitcoin rose by over 3% in the past 24 hours, reaching a high of $122,321 before slightly retracing to $120,749 at the time of writing.
Despite the minor pullback, Bitcoin has already reached new all-time highs in several global markets, surpassing previous records in local currencies.
Vincent Liu, CIO of Kronos Research, told CryptoSlate that this performance shows that global liquidity and momentum are strengthening across markets.
According to him:
“[Bitcoin is] already hitting new peaks in pounds, pesos, and other fiats. With shifting currency dominance beyond the dollar, global liquidity and momentum are strengthening across global markets.”
Considering Bitcoin’s global performance, Praevisio, a Bitcoin analyst, remains bullish on BTC’s future price.
Due to this, Praevisio’s monthly outlook for the top crypto is positive. He forecasts a 90% chance of BTC reaching $131,000 this month and estimates a 23% chance of revisiting the monthly low.
Nonetheless, Bitunix analysts believe that if BTC maintains its strong volume and closes above $120,000, it could target $124,000 to $127,000 next.
Conversely, should Bitcoin fail to hold the $120,000 support or form a long upper wick, a retracement to $116,000 to $114,000 is likely.
