Bitcoin all-time high is here: Experts suggesting a $120,000-$130,000 rally, here's why
It surged past its previous consolidation phase, overcoming resistance levels and paving way for potential gains ahead.
John Glover, Chief Investment Officer at crypto lending platform Ledn, pointed out to MarketWatch that this recent rally mirrors a retest of Bitcoin's previous ATH, set earlier this year on May 22.
This earlier peak faced selling pressure, but Glover noted that institutional interest in Bitcoin is now on the rise.
Companies such as Trump Media & Technology Group and GameStop have publicly revealed their intentions to purchase Bitcoin to strengthen their treasuries, as reported by MarketWatch.
Despite this momentum, experts caution that the sustainability of Bitcoin's surge depends largely on macroeconomic factors, including ongoing trade negotiations. A study published in the International Review of Economics and Finance revealed that macroeconomic factors significantly influence any cryptocurrency's demand.
Market expert Doctor Profit posted on social media, affirming his confidence that Bitcoin's surge is far from over. He predicted that the cryptocurrency could soon hit new highs, with a target range of $120,000 to $130,000.
BITCOIN HIT ATH AT $112,000
THE PARTY IS NOT OVER YET
A NEW ATH IS COMING SOON — Doctor Profit 🇨🇭 (@DrProfitCrypto) July 9, 2025
Profit outlined two potential scenarios for this breakout.
The first suggests Bitcoin could temporarily dip to a range of $92,000 to $93,000 before bouncing back and quickly moving towards the $120,000 mark.
The second, more aggressive scenario, anticipates Bitcoin surging past the $113,000 to $114,000 range without revisiting lower levels.
As of the latest update, Bitcoin has retraced slightly to $111,276, attempting to establish this level as its new support floor.
How the market reacts to this range will likely play a key role in determining the cryptocurrency's next steps.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Recorder
8 hours ago
- Business Recorder
Bitcoin climbs to record $123,000 as US to debate crypto rules
SINGAPORE: Bitcoin surpassed $120,000 for the first time on Monday, marking a milestone for the world's largest cryptocurrency as investors bet on long-sought policy wins for the industry this week. Bitcoin scaled a record high of $123,153.22 before pulling back slightly to trade 2.4% higher around $122,000. Later in the day, the U.S. House of Representatives will debate a series of bills to provide the digital asset industry with the nation's regulatory framework it has long demanded. Those demands have resonated with U.S. President Donald Trump, who has called himself the 'crypto president' and urged policymakers to revamp rules in favour of the industry. 'It's riding a number of tailwinds at the moment,' said IG market analyst Tony Sycamore, citing strong institutional demand, expectations of further gains and support from Trump as reasons for the bullishness. 'It's been a very, very, strong move over the past six or seven days and it's hard to see where it stops now. It looks like it can easily have a look at the $125,000 level,' he said. Bitcoin jumps to record on institutional investor demand The surge in bitcoin, which is up 30% so far this year, has sparked a broader rally across other cryptocurrencies over the past few sessions even in the face of Trump's chaotic tariff policies. Ether, the second-largest token, scaled a more than five-month peak of $3,059.60, while XRP and Solana gained about 3% each. The sector's total market value has swelled to about $3.81 trillion, according to data from CoinMarketCap. 'What we find interesting and are watching closely are the signs that bitcoin is now being seen as a long-term reserve asset, not just by retail investors and institutions but even some central banks,' said Gracie Lin, crypto exchange OKX's Singapore CEO. 'We're also seeing increasing participation from Asia-basedinvestors, including family offices and wealth managers. These are strong signs of bitcoin's role in the global financial system and the structural shift in how it is perceived, suggesting that this isn't just another hype-driven rally,' Lin said. Earlier this month, Washington declared the week of July 14 as 'crypto week,' during which members of Congress are set to vote on the Genius Act, the Clarity Act, and the Anti-CBDC Surveillance State Act. The most significant bill is the Genius Act, which would create federal rules for stablecoins. Elsewhere, prices of crypto stocks and exchange traded funds advanced. In U.S. premarket trading, shares of crypto exchange Coinbase surged 1.7%, while bitcoin holder Strategy climbed 3.3%. Crypto miner Mara Holdings jumped 4.6%. Hong Kong listed spot bitcoin ETFs launched by China AMC, Harvest and Bosera all hit record highs.
Express Tribune
9 hours ago
- Express Tribune
Bitcoin hits record high above $122,000 as investors eye crypto legislation
Representations of cryptocurrency Bitcoin are seen in this illustration taken November 25, 2024. REUTERS/Dado Ruvic/Illustration/File Photo Purchase Licensing Rights Bitcoin crossed the $120,000 level for the first time on Monday, marking a milestone for the world's largest cryptocurrency as investors bet on long-sought policy wins for the industry this week. Bitcoin scaled a record high of $122,571.19, before pulling back slightly to last trade 2.4% higher at $121,952.61. Later in the day, the US House of Representatives will debate a series of bills to provide the digital asset industry with the nation's regulatory framework it has long demanded. Those demands have resonated with US President Donald Trump, who has called himself the "crypto president" and urged policymakers to revamp rules in favour of the industry. Read: Trump's Crypto-friendly policies lead to record Bitcoin investor demand "It's riding a number of tailwinds at the moment," said IG market analyst Tony Sycamore, citing strong institutional demand, expectations of further gains and support from Trump as reasons for the bullishness. "It's been a very, very, strong move over the past six or seven days and it's hard to see where it stops now. It looks like it can easily have a look at the $125,000 level," he said. The surge in bitcoin, which is up 29% for the year so far, has sparked a broader rally across other cryptocurrencies over the past few sessions even in the face of Trump's chaotic tariffs. Ether , the second-largest token, scaled a more than five-month top of $3,059.60, while XRP and Solana gained about 3% each. The sector's total market value has swelled to about $3.81 trillion, according to data from CoinMarketCap. "What we find interesting and are watching closely are the signs that bitcoin is now being seen as a long-term reserve asset, not just by retail investors and institutions but even some central banks," said Gracie Lin, OKX's Singapore CEO. "We're also seeing increasing participation from Asia-based investors, including family offices and wealth managers. These are strong signs of bitcoin's role in the global financial system and the structural shift in how it is perceived, suggesting that this isn't just another hype-driven rally." Earlier this month, Washington declared the week of July 14 as "crypto week", where members of Congress are set to vote on the Genius Act, the Clarity Act, and the Anti-CBDC Surveillance State Act. The most significant bill is the Genius Act, which would create federal rules for stablecoins. Elsewhere, prices of crypto-listed exchange-traded funds (ETFs) in Hong Kong similarly surged on Monday. Spot bitcoin ETFs launched by China AMC, Harvest and Bosera all scaled record highs, while the three ether ETFs managed by the asset managers were up more than 2% each.
Business Recorder
12 hours ago
- Business Recorder
Bitcoin tops $120,000 for the first time
SINGAPORE: Bitcoin crossed the$120,000 level for the first time on Monday, marking a major milestone for the world's largest cryptocurrency as investors bet on long-sought policy wins for the industry this week. Starting on Monday, the U.S. House of Representatives will debate a series of bills to provide the digital asset industry with the nation's regulatory framework it has long demanded. Those demands have resonated with U.S. President Donald Trump, who has called himself the 'crypto president' and urged policymakers to revamp rules in favor of the industry. Expectations of further tailwinds for the industry helped propel bitcoin to yet another record high of $121,207.55 in the Asian session on Monday. It last traded 1.5% higher at $120,856.34. Bitcoin jumps to record on institutional investor demand The surge in bitcoin, which is up 29% for the year thus far, has sparked a broader rally across other cryptocurrencies over the past few weeks even in the face of Trump's chaotic tariffs. Ether, the second-largest token, scaled an over five-month top of $3,048.23 on Monday and last stood at $3,036.24. The sector's total market value has swelled to about $3.78 trillion, according to data from CoinMarketCap.
