Analysts say Bitcoin has started its journey toward a new all-time high and the sideways action from altcoins suggests traders are shifting funds into BTC.

The strong rally in Bitcoin in the past few days has boosted sentiment and analysts are back with their six-figure projections. Geoffrey Kendrick, head of emerging market currency research at Standard Chartered, anticipates Bitcoin to rally to $100,000 by early next year.

Bitcoin (BTC) resumed its rally on Oct. 11 and climbed close to $58,000. This marks an almost 100% recovery from the May plunge and shows that any regulatory action by China is having only a temporary effect.

Could Bitcoin break above the stiff overhead resistance and challenge the all-time high and will altcoins play catch up? Let’s study the charts of the top 10 cryptocurrencies to find out.

David Gokhshtein, the founder of Gokhshtein Media and PAC Global, was even more bullish as he expects Bitcoin to reach $100,000 before the end of the year. Analyst and trader Rekt Capital believes that Bitcoin will rise much higher than $100,000 in the current cycle.The first sign of weakness will be a break and close below the breakout level at $52,920. This will suggest that traders are booking profits at higher levels. The bears will then sense an opportunity and try to pull the price below the 50-day simple moving average (SMA) ($47,727).