Bitcoin price breaks through 120,000 USD: All-time high ahead?

The Bitcoin price has once again exceeded the $120,000 mark, putting it just a stone's throw from a new all-time high. The previous high was around $124,500.
Crypto trader Byzantine General explains on X: “$BTC has reached $120,000. I could see a short-term pullback towards $115,000 soon, but at this point, there's not really any reason why it shouldn't eventually move to the $124,000 area.”
Meanwhile, the broader altcoin market is also gaining momentum. After Bitcoin's dominance recently increased again, calls for an altcoin season are likely to grow louder again. Especially if altcoin ETFs launch after the end of the government shutdown, momentum could shift in favor of the smaller cryptocurrencies.
Meanwhile, BTC futures open interest has reached a new record high of $32.6 billion. On-chain analyst Skew notes that short positions are also piling up, which could create an opportunity for a short squeeze.
JPMorgan also recently announced a new target for the Bitcoin price. If you want to buy Bitcoin, you can do so at Bitpanda, among other places.

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