Bitcoin Hits New All-Time High of $118,856.47, Eyes $120,000 Mark

Bitcoin, the world's largest cryptocurrency by market capitalization, reached a new all-time high of $118,856.47 during the noon hours of East African Time. This milestone has sparked significant interest and speculation among market observers, with many now eyeing the $120,000 mark as the next potential target.

According to the latest market data, Bitcoin is currently trading at $117,978.96, reflecting a 0.18% increase over the previous 24 hours. The market capitalization stands at $2.34 trillion. The price movement within the day has fluctuated between $116,500 and $118,500, with the Fully Diluted Valuation (FDV) recorded at $2.47 trillion. The trading chart displays alternating upward and downward momentum across the 24 hours, indicating a dynamic market environment.

Technical analysis provides further insights into Bitcoin's current market momentum. The Relative Strength Index (RSI), calculated over a 14-day period, stands at 73.58, indicating overbought conditions. This level has historically coincided with resistance testing, though the broader trend remains bullish. The Moving Average Convergence Divergence (MACD) indicator also supports this upward momentum, with the MACD line at 2,558.70 and the signal line at 1,497.24. The histogram shows increasing divergence between the two lines, suggesting growing momentum. Both the MACD and signal line remain above the zero baseline, confirming sustained bullish trend strength.

PolyMarket, a decentralized prediction market platform, has assigned an 80% probability that Bitcoin will reach $120,000 by July 31, 2025. This optimistic outlook is supported by a trading volume of $1,724,744 at this level. The $125,000 target holds a 45% probability with $53,265 in volume, while the $130,000 target has a 20% chance supported by $1,491,416 in volume. The $140,000 target has a 7% likelihood and $81,849 in volume, and the $150,000 outcome shows a 3% probability with $2,316,991 in volume. The $200,000 price target holds less than 1% probability and $775,491 in volume, reflecting decreasing expectations for higher outcomes before August 1, 2025.

In summary, Bitcoin's recent all-time high and the bullish technical indicators suggest a continued upward trajectory. The optimism reflected in PolyMarket's data further supports the possibility of Bitcoin reaching $120,000 by the end of July 2025. However, market participants should remain cautious as overbought conditions and resistance levels may present challenges in the near term. The dynamic nature of the cryptocurrency market requires continuous monitoring and analysis to navigate potential volatility and capitalize on emerging opportunities.