By Andres Toro 
Bitcoin bulls are showing renewed strength as BTC’s price approaches its all time high, with less than $5,000 separating it from new records. On January 19, Bitcoin moved closer to reaching new monthly highs, with bitcoin traders eagerly anticipating the return of BTC price discovery.
Bitcoin all time highs anticipated “very soon”
Data from Cointelegraph Markets Pro and TradingView revealed BTC/USD nearing $105,500 on Bitstamp as the weekly close approached.
With Bitcoin up approximately 12% so far this month, bullish sentiment grew stronger just a day before the inauguration of US President-elect Donald Trump. Adding to the excitement, Trump’s memecoin, OFFICIAL TRUMP (TRUMP), surpassed an $11 billion market cap, ranking among the top 20 cryptocurrencies.
Amid the optimistic momentum in the broader crypto market, traders began setting their sights on new records.
“BTC all-time high incoming pretty soon, in my opinion,” popular trader Pentoshi stated on X.”
Meanwhile, crypto analyst Moataz Elsayed, known as Eljaboom on X, described Bitcoin as entering the “belief phase” of its current price cycle.
“$150K Bitcoin will happen this cycle,” he confidently told followers, sharing a chart that compared Bitcoin’s current rally to its price action from four years ago.
Fellow trader Daan Crypto Trades emphasized the importance of maintaining a key support level ahead of the weekly close.
“$BTC Clean retest of the prior yearly high,” he noted in his latest market analysis.
He added:
“Looks good for a move to the all-time high next week as long as that ~$102.7K level is held.”
BTC Price Targets Align at $122,000
Bitcoin price projections stayed ambitious, with analysts anticipating not just a move into price discovery but also a potential 20% or greater short-term surge.
One prominent voice, the popular X commentator Nunya Bizniz, pinpointed an upward trend line poised for a breakout.
A chart shared by Bizniz illustrated a target of $122,000, projected to be reached by early February.
That projection was echoed by Keith Alan, co-founder of trading platform Material Indicators, who linked it to a breakout from a classic cup-and-handle pattern on Bitcoin’s weekly chart.
“Bitcoin has reclaimed the key moving averages and is grinding back toward ATH territory,” Alan stated on Jan. 17.
He further identified critical levels: “Double Top Resistance lives at $108K, Psychological Resistance at $110K, Cup & Handle Target at $122K.”