Bitcoin, Ethereum, XRP, Dogecoin Extend Rally As BTC Eyes $120,000

Cryptocurrency markets are surging on Friday, with Bitcoin’s run clearing the way for an altcoin rally.

Notable Statistics:

• IntoTheBlock data shows large transaction volume increasing by 50.5% and daily active addresses growing by 9.1%. Transactions greater than $100,000 are up from 11,403 to 14,533 in a single day. Exchanges netflows are up by 373.6%.
• Coinglass data reports 273,588 traders were liquidated in the past 24 hours for $1.26 billion.
• The top gainers in the past 24 hours include MemeCore (CRYPTO: M), Story (CRYPTO: IP) and Stellar (CRYPTO: XLM).

Notable Developments:

• Bitcoin Hits Dollar All-Time High, But Trails In Euro, Swiss Franc: Dollar What’s Driving The Divergence?
• Bitcoin’s All-Time High Break Means Volatility Could Soon Return: Report
• Tom Lee: Ethereum, Not Solana, Is The ‘Preferred Choice’ For JP Morgan, Robinhood, Circle To Build On
• GameStop-Themed Crypto Surges Nearly 40% As Bitcoin Highs Fuel Frenzy
• Bit Origin Shares Surge 75% Pre-Market As Bitcoin Rallies Past $118,000

Trader Notes: Carl Moon noted that a large liquidity pool remains around $111,000, which could serve as a short-term magnet.

Crypto Jelle used the "Power of Three" setup to forecast a broader target of $140,000, noting that BTC is now clearly trending upward.

Titan of Crypto pointed out that Bitcoin has never ended a bull cycle without breaking above the Power Law Corridor, which currently sits at $118,500, a potential breakout trigger if history rhymes.

The Cryptomist added that BTC is forming a falling wedge on lower timeframes, a classic bullish reversal pattern. A breakout from this could target $123,000–$125,000 before a consolidation phase.

Read Next: 

• Bitcoin Holds At $117,000: Will The Cycle Follow Its Classic 4-Year Pattern?

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