Bitcoin Hits New All-Time High 118,856.47 Doubling Value in One Year

Bitcoin has surged to a new all-time high of $118,856.47, marking a significant milestone as the world’s biggest cryptocurrency has doubled in value over the past year. After weeks of trading in a tight range, Bitcoin began to spike higher on Wednesday, putting every investor who has held onto the digital asset in profit.

Experts are divided on what this surge means for the future of Bitcoin. OKX Europe’s CEO Erald Ghoos highlights the growing political support, enthusiasm from institutional investors, and a clearer regulatory landscape as key factors driving Bitcoin’s rise. He argues that Bitcoin is now seen as a digital macro hedge against rising global trade tensions and looming tariffs, with institutions treating it like digital gold.

Ryan Chow, co-founder of the BTCFi platform Solv, agrees with Ghoos, stating that Bitcoin is stepping into its role as a hedge against inflation. He believes that investors are reallocating into non-sovereign assets due to the uncertainty caused by tariffs, which is reflected in Bitcoin’s new all-time high. Chow also notes that Bitcoin’s current standing in the global economy is significant because it is moving more freely across different financial systems.

Radix founder Dan Hughes offers a different perspective, suggesting that the steady and measured rise of Bitcoin could be beneficial for its long-term credibility. He argues that the underlying rally is driven by institutional accumulation rather than retail FOMO, which could be a positive sign for Bitcoin’s future.

However, not all analysts are optimistic. Bloomberg Intelligence’s Mike McGlone, who had previously predicted that Bitcoin would reach six-figure territory, now expresses concern that the cryptocurrency may carry an unsustainable burden to keep rising. He warns that if Bitcoin fails to continue its upward trajectory, deflationary dominoes could tumble.

Despite the differing opinions, there is a strong belief among bettors that this bull market still has plenty of room left to run. Polymarket odds suggest an 80% chance that Bitcoin will breach $120,000 by the end of this month, with a 92% likelihood of reaching $120,000 before the end of the year. The odds for $130,000 and $150,000 are also significant, at 69% and 43% respectively.

Overall, while there is uncertainty about Bitcoin’s future trajectory, the current surge to a new all-time high has vindicated those who believed in a decentralized currency. The coming months will be crucial in determining whether Bitcoin can maintain its momentum and continue to rise.