Bitcoin Hits New All-Time High at $109,220, Up 0.3%

Bitcoin's price has surged to a new all-time high of $109,220, marking the end of a four-month wait for investors. This milestone comes after breaking the previous high of $108,900, and there is potential for further gains in the coming days. However, this achievement also raises the possibility of profit-taking by investors. Historical data from the January 2025 all-time high shows that exchanges did not see a significant inflow immediately after the peak, suggesting that investors might hold off on selling until clear signs of a market top emerge.

Despite the potential for profit-taking, Bitcoin's upward trajectory has been impressive. The cryptocurrency's price has been on a steady rise, and the latest milestone is a testament to its growing acceptance and value in the market. However, past trends indicate that after reaching an all-time high, Bitcoin's price tends to experience a downtrend as the market cools down and profit-taking begins. This pattern was evident in the past when Bitcoin's price fell to $74,508 over the course of three months following an all-time high.

Standard Chartered, a prominent financial institution, has expressed a bullish outlook on Bitcoin. Geoff Kendrick, Head of Digital Assets Research at Standard Chartered, stated that Bitcoin is on track to reach $500,000 before the end of Trump’s second administration. Kendrick believes that as more investors gain access to the asset and volatility decreases, portfolios will shift towards an optimal level from an underweight position in Bitcoin. This optimistic forecast underscores the growing confidence in Bitcoin's long-term potential and its role in diversified investment portfolios.