On January 6th, Bitcoin reached a new high, recently touching $94,700, just shy of the $95,000 mark. Behind this rally, it's not just the price breakthrough itself that’s noteworthy, but also several signals revealed by the technical analysis.

From the candlestick chart, the sideways trading channel over the past few months has been clearly broken. The oscillation range that began in November last year has finally been effectively surpassed, and the price has started an upward trend. At the same time, the moving average patterns have also shown clear changes: the short-term moving averages have not only broken through the long-term moving averages but also formed a classic golden cross pattern. More importantly, the long-term moving averages are gradually converging from a divergence, which typically indicates that the direction is about to be confirmed.

Interestingly, the current moving average structure is eerily similar to the patterns seen before several major bull markets in Bitcoin’s history. If the short-term moving averages can stabilize above the long-term moving averages and receive effective support, a new upward rally could be underway.

Based on these technical indicators, many analysts believe that Bitcoin has a high probability of breaking $100,000 in January. Looking at a longer cycle, the upward potential of this rally might be far greater, with some suggesting a target of $280,000. Of course, these projections require further confirmation through subsequent market movements.