Bitcoin (BTC) poised for surge to all-time high and beyond

Recent price action for Bitcoin (BTC) has seen the king of the cryptocurrencies taking hold above $104,000. While there is still room for some more sideways choppiness, a surge up and past the all-time high and into price discovery may not be far off. Price spike or triple top rejection? Source: TradingView As can be seen in the daily chart above, the $BTC price is gathering beyond the $104,000 horizontal level, which has just become tentative support. If a few more daily closes can take place above this level, the launchpad for the next, and possibly last, leg of this bull market would be in place. On the other hand, if a breakout past the all-time high does not happen soon, and the price begins to roll over, could this be the formation of a bearish triple top that signals a descent to much lower levels, or even the end of this current bull market? At this point it could be argued that there are more reasons for a bull market continuation than a bull market top. First among these is that the trend is still up, and that the full measured move out of the bull flag has not yet reached fruition. This would occur at around $120,000. Another good reason for continued upside is that the U.S. Spot Bitcoin ETFs , Michael Saylor’s Strategy, various other Bitcoin treasuries, and possibly sovereign nations other than those already known about, are all still buying. $BTC bearish scenario Source: TradingView Nevertheless, there are still concerns that must be taken into consideration. Chief among these might be where this current weekly candle closes in roughly six days time. If the candle closes below that $104,000 support, a retreat back to the top of the bull flag, or even to $93,000 could be the next move. Another factor to bear in mind is that the weekly Stochastic RSI indicators are now reaching the top. It’s probable that both indicators will be at the very top at the end of this weekly close. If there is a rejection from $104,000, the blue indicator line could then cross below the red, potentially signalling that a top would be in. 4-year cycle takes potential top to Q4 2025 There are various scenarios that could play out. It must be noted that the 4-year cycle is not complete until later in Q4 of this year. Therefore, even if there was a rejection here, there could still be time for the price to come back to the $93,000 support, and then run up again for one last hurrah into price discovery. This would mean the weekly Stochastic RSI coming back down, and then returning to the top by the end of the year – a realistic possibility, but probably one for the crystal ball at this stage. It might also be borne in mind that a 4-year cycle is not set in stone. It has been the cycle length for the life of Bitcoin up to now, but many analysts are suggesting that this cycle may be longer, and could end in Q1 or even Q2 of 2026. Monthly $BTC chart displays bullish setup Source: TradingView Finally, if one looks at the much higher scale picture of the monthly time frame, it can be seen that the horizontal support level is actually lower at $102,000. This suggests that if the price can hold above this level by the end of May, the scene could be set for a last big surge into the final stage of this bull market. The monthly Stochastic RSI is posturing a cross-up of the fast (blue) indicator line over the slow (red) line, signalling a good period of upside price momentum. At the bottom of the chart, the Relative Strength Index has the indicator line already crossing above the moving average line (yellow). If the indicator line can then cross up through the descending trendline, this would be extremely bullish. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Source: Crypto Daily