Bitcoin is nearing a critical resistance level of $121,000, with analysts predicting a potential new all-time high if this level is surpassed. The cryptocurrency has rebounded from September lows and is trading close to a new peak, supported by technical indicators and reduced exchange inflows. Analysts, including Ted and Michaël van de Poppe, note the current market structure's resemblance to the 2017 rally, suggesting a sustained breakout could be on the horizon. On-chain data reveals a decrease in selling pressure, with only 9,100 BTC in exchange inflows recorded on October 3. The total crypto market cap is also mirroring patterns from the 2017 rally, fueling further optimism.