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BTC today reached a new all-time high of $106,352. Since its peak, the original cryptocurrency has fallen 1.6%. BTC's price fell below $95,000 the previous week. The asset has seen significant gains in the past few days. BTC is up 2.1% on the daily chart, 6% on the weekly chart, 8.5% on the 14-day chart, and 14.8% in the past month. BTC has also risen more than 147% since December 2023.

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Why is BTC rising?

This year, BTC has set multiple new highs. The asset peaked in March after the US Securities and Exchange Commission approved 11 spot BTC ETFs. It set another new high after Donald Trump won the US presidential election. In early December, BTC broke the $100,000 mark for the first time, a significant milestone in the asset's development.

Last week's market decline may have been due to the US inflation rate rising to 2.7%. Market participants still seem bullish on cryptocurrencies. This bullish sentiment may be due to Trump's support for cryptocurrencies. We may see a long-term bull market in this cycle.

Will the asset reach $120,000 next?

In the coming months, BTC may continue to set new highs. Many analysts are optimistic about the asset's prospects.

According to CoinCodex, BTC will continue its upward trend in the coming weeks. The platform predicts BTC will trade at $128,006 on January 29, 2025. Reaching $128,006 from the current price level would represent an increase of around 22.25%.

On the other hand, Changelly holds a slightly more pessimistic view on BTC. The platform expects the asset's trading price to reach a maximum of $108,595 in January 2025. Reaching $108,595 from the current price level would represent an increase of around 3.71%.