TL;DR

One important BTC metric reached a new all-time high, highlighting strong adoption and optimism across investors. Analysts see potential for BTC to hit nearly $120K, but with RSI nearing 70, a short-term correction could be looming.

Not the Peak the Bulls Expected

Despite the retreat after hitting a new historical peak of almost $112,000 on May 22, Bitcoins (BTC) price has been booming in the past several months. Currently, it is worth just over $107,000, representing a 53% increase on a yearly basis.

The bull run coincides with the rising number of BTC holders, which, according to the crypto analytics platform, reached a new all-time high of 55.39 million. The development can be interpreted as an optimistic sign, as it indicates growing adoption and higher demand for the primary cryptocurrency.

As crypto markets attempt to rally at the end of the work week, crypto networks continue to grow over time. Here are the total amount of holders for select top caps:

Ethereum $ETH: 148.38M Holders

Bitcoin $BTC: 55.39M Holders

Dogecoin $DOGE: 7.97M Holders

Tether… pic.twitter.com/wKBXHV0BrF

Bitcoin Price Targets

We mentioned BTCs price rally witnessed in the last months, and now lets see if theres more room for growth, at least according to some popular analysts.

The X user Captain Faibik recently claimed that the valuation could surge to a new all-time high of over $113,000 should it break the resistance level of $105,700.

CryptoBullet chipped in, too. They noted BTCs recent resurgence above $107,000, suggesting that the price is ready to go higher and set a target of $119,000.

On the other hand, investors should keep an eye on Bitcoins Relative Strength Index, which neared overbought territory at almost 70. This signals that the assets valuation has increased too rapidly over a short period, which could be a precursor to a correction.

BTC RSI, Source: Crypto Waves Conversely, ratios below 30 are considered bullish, indicating that the price may be headed for a rally.