Bitcoin Surges 100% Since July 2024, Hits New All-Time High Above $116,000

Bitcoin has surged to a new all-time high above $116,000, triggering nearly $1 billion in short liquidations, the largest single-day wipeout of bearish positions in 2025. This surge has pushed the cryptocurrency above its previous peak of $113,800, igniting a frenzy in the market.

The flagship cryptocurrency has nearly doubled in value since July 2024, when it traded around $57,899. Analysts attribute this rally to more institutional support, evolving macroeconomic conditions, and a shifting regulatory landscape. One of the key drivers behind Bitcoin’s meteoric rise is renewed interest from both retail and institutional players. Michael Saylor, Executive Chairman of MicroStrategy, now holds nearly $69.3 billion worth of Bitcoin through company reserves, almost 600,000 BTC, making him one of the most influential figures in crypto’s ongoing institutional wave.

Further bullish sentiment is reflected in prediction markets, where traders are pricing in a $141,000 BTC target by year-end. Industry leaders point to treasury strategies, regulatory tailwinds, and upcoming events as potential catalysts for this bullish momentum.

Thursday’s rally devastated leveraged short positions across major exchanges, reinforcing the classic market adage: “the trend is your friend.” As Bitcoin entered the so-called “negative dealer gamma zone” between $112K and $120K, market makers were forced to buy more BTC to stay delta-neutral, further fueling upside momentum in what experts are calling a “perfect storm” for a bullish breakout.

However, not all indicators scream euphoria. Technical analysts warn of bearish divergence in Bitcoin’s RSI (Relative Strength Index) and a noticeable dip in trading volume since January. Moreover, BTC’s price in euros and pounds still trails behind previous highs, hinting at potential U.S. dollar weakness as a partial factor in the rally.

Still, the crypto sector at large is rejoicing. Altcoins recorded strong gains, while crypto-linked stocks surged. Even Bitcoin miners saw a significant uptick.

As the dust settles from this record-breaking move, all eyes are now on Bitcoin’s next milestone: $120,000. Whether this breakout is sustainable or another flash in the pan remains to be seen, but one thing is clear: betting against Bitcoin right now is a risky game.