After the Coinbase premium reaches the ‘breakeven point’, Bitcoin traders target the price of 138 thousand BTC.

Bitcoin (BTC) price is up 8.5% in 2025 ahead of President-elect Donald Trump's inauguration on January 20.

After BTC once again surpassed $100,000, many analysts have proposed new all-time high targets for the biggest crypto asset in the coming days.

Could Bitcoin Reach $138,000 in February?

Bitcoin first closed an intraday candle above $100,000 on December 8, but since then it has only been above the six-figure level for six days. A daily close above $100,000 will be a critical turn, and Posty, a crypto trader, says BTC's current price action indicates a bullish rally from Q1, 2021.

After taking into account the rules of diminishing returns over a period of four years, the trader believes that if BTC continues to follow the previous cyclical pattern, Bitcoin will be valued at around $138,000 in February.

Meanwhile, Bitcoin fan Cryptochimpanzee believes that BTC's monthly chart shows a “brutal” setup from the previous bull run. And the merchant said thus.

“If we follow the same path, the price of Bitcoin could go up to $200k.”

Additionally, Axel Adler Jr. He highlighted that 90% of the total Bitcoin supply is currently profitable. The Bitcoin researcher explained that unless there is a “black swan” in the current cycle, BTC captures are likely to be minimal and more like 2017's bull run than 2021 when China's BTC mining ban put a pause on the rally.

Related: Why Is Bitcoin Price Rising Today?

Bitcoin's Coinbase premium at breaking point

After a period of intense selling between December 18th and January 2nd, Bitcoin's Coinbase premium returned to the neutral index as recorded on January 4th. An anonymous Bitcoin analyst explained in a recent quick post on CryptoQuant, IT Tech. The rising premium to the break-even point “suggests that sentiment in the U.S. and institutional investors is pulling back.

However, it's important to remember that Coinbase's premium largely tracks US retail investor sentiment rather than institutional sentiment.

On the contrary, Cointelegraph previously reported that after BTC reached $108,000 last month, the overall trading volume of Bitcoin retail investors has decreased significantly.

A 30-day change in retail volume below $10,000 fell to a new low, last seen in September 2024. As the difference narrowed below -10 percent, Darkfost, an onchain analyst, said it meant retail interest had waned. It opens up a significant but good buying opportunity in the long run.

From a technical perspective, Bitcoin has made a break above the BOS after closing a daily candle above $97,000 last week.

A break above $100,000 is a positive sign, but the crypto scientist, who is also a market trader, stressed that $100,000 remains a key breakout point for Bitcoin. And the merchant said thus.

“$BTC, unless we break $99k and flip to support, I think we'll see lower prices in January. Very easy triggers here for me: break $99k and flip or retest or $90-88k zone.”

Related: Back to $76K for 2025? 5 things to know in Bitcoin this week

This article is not intended for general information purposes and should not be construed as legal or investment advice. The views, ideas and opinions expressed herein are solely those of the author and do not necessarily represent the views and opinions of Cointelegraph.