Bitcoin News Today: Bitcoin Surges Past $118,000 Amid Record Hash Rate and Bullish Outlook

Bitcoin’s price has continued to climb in recent weeks, drawing attention from traders and analysts who are monitoring the potential for a new all-time high. The cryptocurrency surged past $118,000, reigniting discussions about its long-term performance and growing acceptance in traditional financial markets [1]. Michael Saylor, a well-known Bitcoin advocate, has maintained a bullish stance, suggesting that Bitcoin will likely outperform major benchmarks like the S&P 500 over the long term [2]. This optimism is supported by a range of fundamental factors contributing to Bitcoin’s strength.

One of the most notable developments is the Bitcoin network’s hash rate, which recently reached a record high. This increase in computational power is a strong indicator of network security and miner activity, suggesting that the system is more robust and stable [3]. Additionally, the growing hash rate reflects rising interest from both institutional and retail participants in Bitcoin mining, further reinforcing the cryptocurrency’s appeal [4].

Despite the positive momentum, short-term volatility remains a factor. The broader market sentiment has improved, with the crypto mood index shifting toward "Greed" territory, but derivatives markets suggest a more cautious stance. Bitcoin futures bias has turned neutral as open interest stabilizes, indicating that while retail optimism is building, institutional traders are hedging their positions [5]. Analysts warn that the weekend rally, while encouraging, could face a reversal early in the week, in line with typical Monday market behavior following a strong weekend move [6].

Longer-term observers are closely watching the historical four-year cycle that Bitcoin has tended to follow. After the halving event, the asset typically rises to a new high before experiencing a sharp correction of around 70%–80%, often leading to a period of consolidation or decline known as a “crypto winter.” With the last halving event already in the rearview mirror, many traders are on the lookout for early signs that the cycle might be repeating [7].

Looking ahead, some analysts have speculated that Bitcoin could see a dramatic increase in value. One projection suggests a potential 662% gain over the next seven years, pushing the price to nearly $889,969. However, it is important to note that such forecasts are speculative in nature and should not be treated as guarantees. The market remains highly sensitive to macroeconomic factors such as central bank policies and broader investor sentiment [7].

While Bitcoin continues to gain ground, traders are advised to remain cautious. The market is still prone to sudden shifts and unpredictable swings, and both technical indicators and macroeconomic developments should be closely monitored as the crypto landscape continues to evolve [1].

Source:

[1] Coindoo (https://coindoo.com/bitcoin-breaks-118000-again-new-all-time-high-in-sight/)

[2] AInvest (https://www.ainvest.com/news/bitcoin-news-today-michael-saylor-stands-bitcoin-ethereum-23-30-day-surge-2508/)

[3] Blockchain News (https://blockchain.news/flashnews/bitcoin-hash-rate-hits-new-ath-what-it-means-for-btc-mining-difficulty-and-trader-setups)

[4] Same as [3]

[5] CryptoDnes.bg (https://cryptodnes.bg/en/crypto-sentiment-improves-but-derivatives-point-to-caution/)

[6] Mitrade (https://www.mitrade.com/insights/news/live-news/article-3-1025357-20250809)

[7] Bitcoinist.com (https://bitcoinist.com/bitcoin-ethereum-and-xrp-prices/)