Bitcoin nears record high as analysts tell market to ‘buckle up'
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The price of bitcoin is approaching a new all-time high after rising more than 10 per cent in recent days, leading some analysts to predict another record-breaking rally in 2025.
The world's leading cryptocurrency rose above $105,000 on Monday, just $4,000 away from the record high it reached in January 2025.
Crypto experts have attributed the latest price increase to massive inflows from institutional investors, greater support from governments and regulators, as well as improved sentiment among retail investors.
The collision of positive catalysts have led some industry figures to forecast a 'parabolic' price rise for bitcoin in the months ahead.
'I truly understood bitcoin in 2011-2012 and in all these years, the bull case for it has never been stronger,' former PayPal president David Marcus wrote in a post to X.
'Banks can now custody and offer BTC to their customers, sovereign states and corporations are competing to buy, utility phase of TCP/IP [Transmission Control Protocol/Internet Protocol] for money is taking off. Buckle up.'
Standard Chartered analyst Geoff Kendrick recently predicted bitcoin could reach as high as $120,000 by the end of June, reinforcing his year-end forecast of $200,000.
'While timing sharp rises in bitcoin is difficult, we think the current period of potential strategic asset reallocation away from US assets may trigger the next such upswing,' he wrote in April. Read More Roger Ver's Plea to Trump: End US Lawfare and Uphold Justice
'If so, we would expect a new all-time high to be reached in Q2 with further gains over the summer.'
Other cryptocurrencies have also experienced significant gains in May, with ethereum and dogecoin adding around 40 per cent to their value over the last week.
The market has also been boosted by broader economic stability, with a major trade deal reached between the US and UK, as well as indications that the trade war between the US and China is cooling.
This has brought renewed attention to typically high-risk assets like cryptocurrencies, which investors tend to sell during periods of uncertainty in favour of save haven assets like gold.
Some crypto analysts believe that the current market momentum could see bitcoin reach new highs as early as this week, with the next resistance level pegged at $107,000.
'The impressive corrective pullback from late January to early April, in our opinion, created substantial margin for a new wave of growth,' Alex Kuptsikevich, the chief market analyst at the online trading platform FxPro, told The Independent .
'Therefore, we will not be surprised if, along with the positive dynamics of stocks, bitcoin will move to the renewal of historical highs already this week.'
For bitcoin to realise these predictions,however, some have pointed to the $100,000 price point as a key support level.
Should the cryptocurrency fall back below this figure, it could potentially lead to a broader sell-off that sees bitcoin pull back towards its 50-day moving average below $90,000.
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