Bitcoin (BTC) Continues to Ignite Passions. Will It Reach $138,000 or Merely Respite Before the Storm?

Bitcoin continues to ignite passions. Just yesterday, crossing the $100,000 mark seemed utopian, yet the leading crypto proves once again that it is far from finished surprising us. While some traders now contemplate a target around $138,000, others highlight an unexpected return of the “Coinbase premium” to a neutral level. Should we see this as the beginning of a new surge or merely a respite before the storm?

A target of $138,000: ambitious dream or near reality?

After briefly surpassing $100,000, Bitcoin seems to be seeking a second wind. Voices are rising to assert that it could reach $138,000 by February, based on historical previous cycles.

Proponents of this thesis compare the current dynamics to that of 2021, when a powerful bullish rally defied all pessimistic forecasts.

However, not all signals are positive. The retail market is being discreet. Transactions under $10,000 have decreased since Bitcoin hit $108,000, indicating a certain reluctance from small investors. Meanwhile, analysts like Cryptochimpanz dare to bet on even higher peaks, around $200,000.

This double interpretation keeps things unclear: on one side, optimists foresee an imminent surge; on the other, the cautious fear a major event – a “black swan” – that could disrupt everything.

Nevertheless, confidence in Bitcoin remains strong: more than 90% of circulating supply is already in profit, limiting the temptation for massive selling.

The Coinbase premium at a standstill: a strong signal for Bitcoin?

The “Coinbase premium” is a key indicator for tracking the mood of American traders. When it is high, it means that buyers on Coinbase are paying more for Bitcoin than elsewhere, reflecting a national enthusiasm. Conversely, when the premium dips into the negative, it indicates a relative disinterest.

Recently, this premium returned to a neutral level, signaling a resurgence of calm. IT Tech, an anonymous analyst, sees this as evidence that institutional and individual American investors are regaining confidence. However, it is worth noting that large players often favor over-the-counter (OTC) trading channels that are not visible on public charts.

This repositioning of the premium is accompanied by a paradox. While individuals are slowing down their purchases, the resurgence of this American confidence could signal a market in search of stability. If institutional demand picks up, Bitcoin could rebound. Conversely, prolonged stagnation around $100,000 could reveal exhaustion, opening the door to a correction.

Between bold predictions at $138,000 and subtle adjustments of the Coinbase premium, Bitcoin continues its race in a fog where optimism and caution intertwine. The coming weeks will be crucial to gauge the market’s resilience and determine whether the target set by supporters of a new record will be reached or if it will turn out to be yet another mirage in the ever-shifting narrative of the cryptosphere. Nevertheless, an altseason is on the horizon.

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