Bitcoin has reached a new all-time high of $113,800, almost doubling in value over the past year. Analysts are closely monitoring whether Bitcoin can reach $120,000 or if the current surge is temporary. Key points include differences in market conditions compared to previous bull runs, with no significant retail euphoria this time. James Van Straten, a Bitcoin analyst, notes that the current market cycle involves new buyers and potential policy changes, unlike the leverage-driven 2021 bull run. However, indicators suggest caution: the daily Relative Strength Index (RSI) shows bearish divergence, and trading volume has decreased since January. Furthermore, Bitcoin's performance against the Euro and British Pound suggests weakness against other currencies. Although many trading firms remain bearish, they predicted significant price increases during the last cycle, indicating that sentiment in the market can be misleading.

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