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Bitcoin has reached a new all-time high of $106,000, marking a significant milestone in its history, with more to look forward to.
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The number one digital asset reached the all-time high on 16 December and according to crypto analyst Michael van de Poppe, the price may still continue its upward movement or break downward from here, with significant implications in both scenarios.
What to expect
There are two possible scenarios after Bitcoin hit the new all-time high. According to Poppe, Bitcoin may continue its upward movement, hitting and staying above $110,000. In this case, the price may continue discovery and explore new levels.
Another scenario is for the asset to break downward and if it breaks below $102,000, further liquidation may be on the table.
The good news according to Poppe is that as long as the price remains above this level, $110,000 remains in view.
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Meanwhile, the number of leveraged long positions have also increased and are relatively high, which is a positive sign that suggests investor confidence in the market.
What it means for altcoins
Altcoins have been in the red despite Bitcoin’s upward movement. While it’s not certain what will be their fate should Bitcoin continue on its upward movement, a break below the critical $102,000 level will likely lead to further downward movement for alts.
Even though analysts expect an alt season soon, the current market condition remains uncertain as alts have been going sideways for days.
XRP, which has demonstrated strength in its price breaking $2 for the first time in a while, has stagnated, struggling to hold $2.40.
Other altcoins like Chainlink (LINK) however remain strong. The token has gained $4.13% in the last 24 hours at the time of reporting, similar to SUI with 6.68% gain in the last 24 hours based on Coin Market Cap data.
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