Bitcoin closed its highest weekly candle at $119,310 and rallied to an all-time high of $123,100. Though there is moderate interest from short-term holders, indicated by a Net Asset Value (NAV) premium of 16%, FOMO levels remain low. Spot Bitcoin ETFs saw strong buying, with a significant $1.18 billion inflow, suggesting a structural shift in market momentum. Despite a 50% increase in Bitcoin spot volumes, they are still below the year-to-date average, indicating ongoing cautious optimism rather than euphoric buying. Historical data from previous cycles suggests that once Bitcoin breaks its previous all-time high, it typically experiences a parabolic rally, although returns are diminishing with each successive cycle. The article predicts a potential short-term price target for Bitcoin of $132,000 to $138,000, which could be reached within one to two weeks, driven by growing institutional and retail investment interest.

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