Bitcoin Surges 120% In Year, Nears $180,000 Target

Bitcoin is on the verge of achieving its highest weekly close ever, with the cryptocurrency currently trading around $109,231, just below its recent peak of over $119,000. This milestone is significant as it indicates that the bull market for Bitcoin is far from over. The top cryptocurrency has rallied from $25,000 to $119,000 in just over a year, with chart signals suggesting that the bull run still has room to grow toward $180,000. Analyst el_crypto_prof noted that sentiment remains low for altcoins as Bitcoin leads the charge and institutional demand continues to rise.

Over the past three years, Bitcoin has transitioned from a period of stagnation to one of explosive gains. In late 2022, Bitcoin was priced between $15,000 and $20,000. Throughout most of 2023, the market traded sideways, fluctuating within the $15,000 to $45,000 range. The volatility was high, but no strong trend emerged during that phase. The real momentum began in late 2023 when Bitcoin broke out above $25,000. The rally extended sharply, reaching $70,000 by mid-2024, representing nearly 200% growth in under a year. This was followed by a healthy correction that took Bitcoin back to the $50,000–$55,000 zone. However, the dip didn’t last long. Bitcoin resumed its climb in late 2024 and went parabolic in early 2025, rocketing from $70,000 to over $119,000 in a compressed timeframe.

Despite a slight pullback to $109,231, Bitcoin remains firmly in bullish territory. The chart scale extends up to $180,000, hinting at higher price expectations. The current pattern aligns with typical crypto bull market cycles, where short-term corrections often fuel longer-term rallies. Investors are watching for sustained momentum, as weekly closes above previous highs often attract institutional attention and drive new demand. Moreover, altcoins may follow Bitcoin’s lead, especially as market sentiment continues to strengthen.

Bitcoin is poised for a historic weekly close as its bull run accelerates, with the cryptocurrency surpassing $120,000 for the first time. This surge marks a significant milestone in Bitcoin's price history, driven by a combination of factors including low-interest-rate environments and fiscal policies. The bull run, which began from $70,000, has seen Bitcoin climb to $122,000, breaking through previous resistance levels with ease. Analysts attribute this rapid ascent to a breakdown in the historical positive correlation between the spot price and Deribit's DVOL, indicating a shift in market dynamics.

The current rally is not just another bull run; it is a direct response to a U.S. fiscal crisis unraveling faster than expected. This perspective is supported by the observation that Bitcoin, along with gold, is seen as a safe haven asset during times of economic uncertainty. The U.S. deficit, now exceeding $7 trillion, has fueled investor interest in Bitcoin as a hedge against inflation and currency devaluation. This sentiment is further bolstered by the fact that low-interest-rate environments have historically coincided with bull runs for Bitcoin, as seen in 2020 and 2021.

Bitcoin's new high comes at a price, with over $700 million in liquidations reported in the past week. However, the momentum shows no signs of slowing down, with the cryptocurrency maintaining its upward trajectory. The current rally is characterized by multiple 30-40% corrections during bull markets, yet the largest correction in this cycle has been relatively modest. This suggests that the market is still in the early stages of a supercycle rally, with analysts targeting $135,000 as the next resistance level.

The weekly close is crucial for Bitcoin, as it will determine the short-term direction of the market. A successful close above $120,000 would signal continued bullish momentum, potentially leading to a test of the $135,000 resistance level. However, a failure to hold above this level could result in a correction, providing an opportunity for investors to enter the market at a more favorable price. Regardless of the outcome, the current bull run is a testament to Bitcoin's resilience and its growing acceptance as a store of value in an uncertain economic landscape.