Bitcoin Surges 0.6% to $108,750 on Bullish Momentum

Bitcoin's price has been steadily rising, currently trading around $108,750 during pre-market U.S. hours, reflecting a 0.6% increase over the past 24 hours. This price point is approximately 2.8% below its all-time high, signaling strong bullish momentum. Analysts have expressed optimism about Bitcoin's prospects, with some predicting that the cryptocurrency could reach as high as $200,000 if the current momentum continues. This optimism is driven by various factors, including softer inflation data and positive market sentiment.

The long-term outlook for Bitcoin remains bullish, with predictions suggesting that the cryptocurrency could reach much higher levels by 2025. However, there are concerns about a potential short-term drop to the $90,000 range. Despite this, the bullish sentiment persists, with Bitcoin consolidating above $108,500 and aiming for further gains above the $110,000 resistance level. To regain momentum, Bitcoin would need a strong push through the $109,500–$110,000 zone, which could open the path toward retesting the $111,814 all-time high.

The upcoming "Crypto Week" event in Washington, D.C., is expected to bring together key players in the industry, potentially leading to positive sentiment and increased media coverage. This event, combined with the end of the US tariff pause on July 9 and the post-holiday market trend, could boost Bitcoin's chances of a rally. Historically, the period following the July 4th holiday has seen positive movement in the crypto market, and analysts believe this seasonality could further support Bitcoin's price.

Technical traders are also optimistic about Bitcoin's prospects. The creator of the Bollinger Bands indicator, John Bollinger, suggested that Bitcoin looks set for an upside breakout. Additionally, UBS Global Wealth Management noted that if the US delays the expected tariffs once again, it could be read as a sign of hesitancy, potentially increasing investor appetite for riskier assets like Bitcoin.

Bitcoin's recent performance has been impressive, with the cryptocurrency achieving a historic milestone by reaching its highest weekly close at approximately $109,000. This significant achievement has sparked optimism among investors and traders, who are closely watching the market for further developments. The next 48 hours could set the tone for the crypto market, with the US tariff decision and upcoming events potentially driving further gains for Bitcoin.