Bitcoin at $124K, reaches all-time high. Here's what experts say
The cryptocurrency reached the level of $123,500 on Wednesday. At 10:21 AM IST, the world's largest cryptocurrency was up 3.13% over the past 24 hours. And in the last seven days, it gained 7.66%.
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The milestone came soon after the S&P 500 closed at its own record for a second consecutive session, extending a summer run that has carried the benchmark to repeated highs, according to a report by Bloomberg.
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According to data from CoinMarketCap, the crypto sector's overall market capitalisation has ballooned to over $4.18 trillion, up from about $2.5 trillion in November 2024, when Trump won the U.S. presidential election.
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Bitcoin's rally is being powered by increasing certainty of Fed rate cuts, sustained institutional buying and moves by the Trump administration to ease investment in crypto assets, said IG market analyst Tony Sycamore.
"Technically a sustained break above $125k could propel BTC to $150,000," he wrote in a note.
Bitcoin has risen nearly 32% so far in 2025 on the back of long-sought regulatory wins for the sector following President Donald Trump's return to the White House. Trump has called himself the "crypto president" and his family has made a series of forays into the sector over the past year, according to a report by Reuters.
Ethereum
Ethereum was recorded at the level of $4,764, and in the past 24 hours, it has gone up by 2.09%. Himanshu Maradiya, Founder & Chairman, CIFDAQ, says that Ethereum also climbed near its 2021 peak, trading at $4,717. Institutional inflows remain a key driver; BTC ETFs added over $3.6 billion in the past month, while corporate and sovereign treasuries now hold 3.64 million BTC, or 17% of supply. The markets may experience consolidation between $120K and $125K, but strong structural demand and limited supply will support further gains through the end of the year.
Another expert, Vikram Subburaj, CEO at Giottus.com, says that Ethereum mirrored Bitcoin's strength, and surged to $4,784, about $100 from its all-time high, driven by heavy institutional flows. The $4,600 level now acts as critical support for a push into price discovery. Broader altcoin sentiment followed suit, with Cardano gaining 15% and BNB inching closer to its high, reinforcing the narrative of deepening alt inflows.
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Here is what experts say
Parth Srivastava, Head of Quant, 9Point Capital's Research Team
Bitcoin's rally shows no signs of slowing, with momentum fueled by strong inflows, bullish sentiment, and a favorable macro backdrop. As price action builds on higher lows and breaks key resistances, the market is eyeing fresh highs. If current trends persist, BTC could be on track to extend its upside into uncharted territory.
Vikram Subburaj, CEO,
Giottus.com
Bitcoin reached a new high of $124,457 after softer July US CPI data bolstered expectations for a September interest rate cut. The breakout has cemented $120,000 as fresh support, with $126,000 emerging as the pivotal level to unlock the next leg higher. Momentum has been amplified by a clean sweep of the $122,500–$124,000 short-liquidation pocket, leaving nearly $2 billion in positions exposed should the move extend towards $125,500.
Binance open interest has surged to a record ~$16 billion, leaving limited scope for further leveraged build-up before reaching historic extremes.
Himanshu Maradiya, Founder & Chairman, CIFDAQ
Bitcoin surged past $124,000 for the first time, setting a new all-time high before easing to $123,868. The rally was fueled by strong institutional demand and growing expectations of a September interest rate cut, with CME FedWatch now showing a 93.7% probability. Softer-than-expected U.S. CPI data at 2.7% y/y boosted optimism, though a core inflation uptick to 3.1% could keep the Fed cautious.
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