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Bitcoin prices surged to near-record levels this week, with analysts predicting the cryptocurrency could break through to new all-time highs within the next two to three weeks.
According to Cointelegraph data, the BTC/USD spot price reached $116,800 on the Bitstamp exchange, marking a significant rally that has strengthened expectations for further gains.
The futures market showed even stronger momentum, with Bitcoin futures climbing to $117,320, filling a CME gap that had persisted since mid-August. The gap, created by weekend price declines, took three weeks to close completely.
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Crypto investor and entrepreneur Ted Pillows noted on X that if Bitcoin can establish this level as support, it could pave the way for new records. However, Pillows cautioned that if the upper level of the gap acts as resistance, Bitcoin could retreat below $108,000.
Keith Alan, co-founder of Material Indicators, emphasized that the $124,500 level should not be considered Bitcoin's peak. Alan pointed to continued high institutional demand and expectations of Federal Reserve interest rate cuts as potential price catalysts.
Popular trader BitBull predicted that after Bitcoin reclaimed its long-term trend line, momentum remains strong enough to drive new record levels within the next two to three weeks. Similarly, analyst Rekt Capital indicated that the bull market has not yet peaked, with historical patterns supporting continued upward movement.
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