Bitcoin Hits New All-Time High At $111,999 As Bull Market Begins

Bitcoin (BTC) has reached a new all-time high of $111,999, surpassing its previous peak set on May 22, 2025. This milestone signals the start of a new crypto bull market, driven by increasing institutional interest and a resurgence in retail demand. Over the past few weeks, institutional interest in crypto assets has been steadily growing.

The cryptocurrency has been on a steady upward trajectory, with no significant corrections of more than 20% in the past 47 days. This stability has fueled optimism among investors and analysts, who see this as a strong bullish signal. The recent price action has been characterized by a narrow trading range between $107,000 and $110,000, with technical analysis suggesting a potential breakout to the upside. Crypto trader Merlijn The Trader noted that Bitcoin appears poised to break out of a bullish descending broadening wedge pattern. If Bitcoin can sustain support above the $104,000 level, it may target a potential high of $144,000. This pattern, formed by two diverging trendlines sloping downward, suggests growing volatility and selling exhaustion, often leading to a breakout to the upside once resistance is broken.

Fellow crypto analyst Ted Pillows shared a similar outlook, highlighting that Bitcoin just posted its highest-ever weekly close. He also noted that the Moving Average Convergence Divergence (MACD) indicator has formed a bullish cross, signaling a potential shift from bearish to bullish momentum. This crossover is often seen as an early indicator of a price uptrend or buying opportunity. Bitcoin experienced strong price appreciation in Q4 2024, climbing from approximately $58,000 on October 6 to $108,000 by December 15. At the time, the rally was also fueled by renewed market optimism following Republican candidate Donald Trump’s victory in the US presidential election.

While the outlook for Bitcoin remains bullish, some analysts caution that a short pause in the uptrend may occur. Seasoned analyst Ali Martinez observed that some long-term holders are beginning to take profits. Additionally, strong US employment data for June 2025 is likely to force the US Federal Reserve (Fed) to delay interest rate cuts, which may result in a temporary price pullback in risk-on assets, including BTC. However, Bitcoin’s weekly RSI continues to trend upward, offering bulls hope that a new high may be within reach. At press time, BTC is trading at $108,160, down 0.1% over the past 24 hours.

The long-term bullish trend for Bitcoin remains intact, but analysts caution that the current four-year cycle may limit the potential for another parabolic rally. Despite this, the cryptocurrency's recent performance has been impressive, with analysts targeting new all-time highs above $112,000 this month. The crypto bull market regains strength, with some analysts predicting that Bitcoin could set a new all-time high above $120,000 as the market gains momentum after a correction.