Bitcoin Surges 2.8% to New All-Time High of $121,500

Bitcoin (BTC) has started the new week with a significant milestone, surpassing $120,000 for the first time in its history. According to Binance data, BTC briefly broke above $121,000, setting a new record and currently stands at $121,500, up 2.8%. This surge in Bitcoin's price is attributed to continued institutional demand in the US and positive legal developments. Ethereum (ETH) also surpassed $3,000, while altcoins like XRP, Solana, and SUI made significant gains. ALGO, PENGU, and HBAR were among the altcoins that experienced the most increases in the last 24 hours.

Analysts expect the rise in Bitcoin to continue during the highly anticipated 'Crypto Week' in the US, where significant developments are expected. BTC Markets Crypto Analyst Rachael Lucas noted that institutional demand is on the rise and that she expects the rise to continue. Bitcoin has reached a new all-time high, with ETF inflows exceeding $1 billion daily and total assets under management exceeding $150 billion. This means over 6% of the total Bitcoin market capitalization is currently held in ETFs, demonstrating institutional conviction.

Bitcoin also benefited from entering what's being called “Crypto Week” in the US. This week, key crypto proposals that are generating market momentum, such as the CLARITY Act or the GENIUS Act, will be discussed, and significant progress is expected. Analysts predict that BTC's next target will be $125,000 and above. According to the analyst's forecast, if ETF demand persists and macro conditions remain supportive, especially with the return of US interest rate cuts, we could see Bitcoin rally even higher in Q3. Jeff Mei, chief operating officer of cryptocurrency exchange BTSE, also predicted that long-term institutional buyers could push Bitcoin to $125,000 in the next month or two. Ledn CEO John Glover said that the BTC rally will continue and prices could rise to $136,000 by the end of the year.

Bitcoin (BTC) has surged to a new all-time high, breaking past the $118,000 mark and reaching $118,856. This significant milestone has sparked renewed bullish sentiment in the market, with analysts and investors alike speculating on whether the rise will continue. The rally is being fueled by a historic wave of inflows into U.S.-based spot Bitcoin ETFs, which recorded over $1 billion in inflows for two consecutive days. This influx of capital has been a key driver of the recent price surge, as investors seek exposure to the world's largest cryptocurrency. The bullish momentum is not limited to Bitcoin alone. Altcoins such as Ethereum have also gained momentum, benefiting from the surge in interest and supportive U.S. policies. The market appears poised for continued upside, with talks of broader crypto ETFs, including altcoins and even meme coins, adding to the optimism. Major companies are now holding BTC in their treasuries, further cementing its status as a legitimate investment asset.

Technical indicators also suggest a move toward $150,000, as momentum builds. Spot ETF inflows and dwindling exchange supply add to the bullish case, with bullish patterns forming on the monthly chart. Bitcoin has entered a “new era” after breaking an 8-year trendline, signaling a potential shift in market dynamics. The rally is being fueled by renewed investor confidence and a historic wave of inflows into U.S.-based spot Bitcoin ETFs. Analysts expect the rise in Bitcoin to continue during the highly anticipated 'Crypto Week' in the US, where significant developments are expected. Various indicators and fundamentals also show bullish market conditions, which means BTC could continue to rise in price this July. Crypto analyst Virtual Bacon believes this is the beginning of a major bull run, with the potential for further gains in the coming months. The surge in Bitcoin's price has also ignited a $10 billion crypto VC boom, as rising prices and a thaw in risk appetite encourage investors to re-engage with the sector. The market's resilience and the muted response to recent developments suggest that the bullish sentiment is here to stay, at least for the foreseeable future.