Bitcoin News Today: Bitcoin Surges Past $120,000 Amid Institutional Adoption and Halving Impact

Bitcoin's recent surge beyond $120,000 has ignited speculation about its future trajectory, with some analysts projecting long-term price appreciation. The cryptocurrency touched an all-time high of $123,218 on July 14, marking a near 10% increase for the month [1]. Despite minor corrections in late July—dropping to around $113,000 by Friday—the overall trend remains bullish [1]. Marvin Bertin, co-founder and CEO of Maestro, a BitcoinFi infrastructure provider, argues that the price rally reflects Bitcoin's growing institutional adoption, the launch of new Bitcoin ETFs, and the recent halving event, which reduces supply and enhances scarcity [1].

The Bitcoin halving, which took place in April 2024, is a programmed event that occurs roughly every four years, cutting the block reward for miners in half. This mechanism is designed to control supply and reinforce Bitcoin’s scarcity, with historical trends suggesting that halvings are often followed by prolonged price increases [1]. Cantor Fitzgerald, a mainstream financial firm, has joined the chorus of bullish voices, with analysts forecasting a potential price target of $1 million for Bitcoin [1]. Anthony Pompliano, host of the Pomp Letter, echoed this sentiment, stating that Bitcoin's ability to hold its value near record highs demonstrates its role as a reliable store of value [1].

Institutional interest in Bitcoin has been further fueled by the approval of SEC-regulated ETFs, such as the Grayscale Bitcoin Trust (GBTC), which has brought a wave of new investors into the market. These products offer a “safe haven” for those unwilling to navigate the complexities and risks of direct crypto exchange trading [1]. As of 2024, U.S. stocks and gold posted gains of 25% and 27%, respectively, but Bitcoin outperformed both, returning 120% for the year [1]. Over the past five years, the leading cryptocurrency has delivered an annualized return of 58%, reinforcing its appeal as an alternative asset [1].

The political landscape in the U.S. has also contributed to Bitcoin’s positive momentum. During “Crypto Week” on Capitol Hill in mid-July, lawmakers passed several bills, including the GENIUS Act, which aims to foster a more favorable regulatory environment for digital assets. The Trump administration’s expressed support for cryptocurrency has further bolstered investor sentiment [1]. Wellington Management investment strategists noted that the evolving political climate is providing a significant tailwind for Bitcoin demand [1].

While Bitcoin’s price is not without volatility—Pompliano acknowledged that periodic corrections of 15% to 30% are healthy and expected—investors remain confident in its long-term potential. The market currently holds around $2.2 trillion in Bitcoin, equivalent to the market capitalization of the Frankfurt Stock Exchange [1]. With institutional adoption, regulatory clarity, and supply-side dynamics all supporting continued growth, the bull case for Bitcoin appears to be far from over [1].

[1] Source: [1] Bitcoin Breakout: Are Recent $120K+ Levels Just The Beginning? (https://www.benzinga.com/markets/cryptocurrency/25/08/46824044/bitcoin-breakout-are-recent-120k-levels-just-the-beginning?utm_source=coingecko&utm_campaign=partner_feed&utm_medium=partner_feed&utm_content=site)