Bitcoin has been trending upwards for six weeks, surpassing the key psychological mark of $110,000. Despite concerns about a potential downturn in the rally, recent performance and historical patterns indicate that Bitcoin's climb is not over, hinting at further increases in the future.

Signs from Bitcoin investors also point towards continued growth. A notable indicator is the decreasing average age of held Bitcoins, a pattern observed before past bull markets. The Mean Dollar Age of Bitcoin has reduced from 441 days to 429 days since April 16, reflecting fresh investments entering the market and supporting expectations of a sustained bullish trend.

Market sentiment, as indicated by the Fear and Greed index, suggests that Bitcoin's bullish run is not exhausted. The index has yet to reach Extreme Greed levels, indicating room for further price hikes. This optimism among investors bodes well for Bitcoin's future trajectory.

Bitcoin's price surge, culminating in a record high of $111,980, has been driven by favorable market conditions and growing institutional interest. Experts foresee a potential price breakthrough to $115,000, attracting more investors and reinforcing Bitcoin's position as a prominent asset.

However, profit-taking by investors could lead to a temporary price dip, with a fall below $106,265 possibly triggering a decline to $102,734. Such a scenario could pause the bullish trend temporarily and result in a consolidation phase for Bitcoin.