$113,000 Resistance Broken: Analysts Expect New Highs

Bitcoin has broken through key resistance at $113,000, indicating a possible resumption of price growth to new historical highs. Analysts believe that bulls are far from capitulating.

According to trader and analyst Rekt Capital, Bitcoin is unlikely to have reached the peak of the current bull market. On September 11, BTC/USD rose above the $114,000 mark due to favorable macroeconomic conditions in the United States.

BTC/USD 1-day chart. Source: Bitstamp

Overcoming Resistance

Key technical signals are in favor of continued growth. Bitcoin has not only broken through the local downward trend, but is also actively attacking an important resistance zone.

“Every bounce from $113,000 has been followed by smaller pullbacks,” Rekt Capital noted on social media platform X. “It took time, but it looks like $113,000 is weakening as a rejection point.”

1-day chart BTC/USD. Analytics: Rekt Capital

Bitcoin ended several weeks of declines with a daily candle above a downtrend line on September 2, a day after the price hit a nearly two-month low.

Cycles are getting longer

Despite the bearish calls that accompanied the drop below $108,000, the analyst sees the bull market far from over.

“It’s unlikely that Bitcoin has reached the peak of its bull market yet, as that would mean that this cycle has become one of the shortest in history,” he says. “In fact, the cycles are probably getting a little longer, not shorter.”

This view suggests that the current bull cycle has not yet exhausted its potential, and the rise to $124,000 is an intermediate target, not the final point of the growth.