[Analysis] "Bitcoin breaks through $120,000 'technical barrier'... Next target at $135,000"

Analysis suggests that Bitcoin (BTC) has broken through the ‘technical barrier’ at $120,000, increasing the likelihood of further gains.

Alex Kuptsikevich, senior analyst at FxPro, told CoinDesk on the 11th (local time), "Bitcoin has already surpassed the technical barrier at $120,000," adding, "The current nearest target price is between $135,000 and $138,000." He also commented, "(This rally) is one of the few cases where a major altcoin rally has fueled Bitcoin’s rise."

He expressed a positive outlook for Ethereum (ETH) as well. Kuptsikevich said, "Ethereum’s price has risen by over 21% in the past 7 days and 45% over the last 30 days," adding, "On-chain transaction volume and the address growth rate are also approaching all-time highs." He further noted, "It wouldn’t be surprising if a new all-time high is set in the coming days." Ethereum’s previous all-time high was $4,891, recorded in November 2021.