Bitcoin (BTC) has surged past the $118,000 mark, igniting discussions among analysts about the potential for either a market implosion or explosive growth. The cryptocurrency's price jumped from $108,000 to $118,000, while Ethereum (ETH) also saw gains, rising from below $4,000 to $4,300. Analysts are noting bullish signals across BTC, ETH, and altcoin charts, indicating possible parabolic movements in the near future. One analyst highlighted that the recent price action dismisses the subwave 2/C scenario, suggesting an extended B wave could push BTC to $122,000. The market is currently testing the 0.618 retracement level, with a significant test anticipated between $120,000 and $122,000.