Bitcoin Surges 9% to New All-Time High of $118,000

Bitcoin has recently surged to new heights, capturing the attention of investors and analysts alike. At the time of reporting, Bitcoin was trading at $117,289, marking a 9% increase over the past week. This surge has pushed Bitcoin to a new all-time high, surpassing its previous record set in May. The cryptocurrency's impressive performance has been driven by a combination of factors, including increased institutional interest and a growing acceptance of digital currencies as a legitimate asset class.

The new all-time high for Bitcoin was reached when it blew past $118,000 in the early U.S. morning. This milestone has sparked optimism among crypto enthusiasts and experts, who see this as a sign of continued growth and stability for the digital currency. The surge has been particularly notable, as it marks the third consecutive day of record-setting rallies for Bitcoin.

As Bitcoin continues to flirt with fresh highs, analysts and traders are closely monitoring its movements. According to analyst TradingShot, BTC/USD trading pairs have broken above their all-time high zone following an increase in buying pressure. A bullish acceleration resulted in an upsurge, leading to a trade above the $118,000 level earlier in the E.U. session. The bullish momentum has interestingly been in motion since April and could continue into the later part of the year.

The analyst breaks down the extent to which the pattern could go, stating that the bullish trend doesn’t seem to stop there as following the Bull Flag break-out of mid-May to June, the long-term Bullish Leg that started on April 07, 2025, bottom, is now looking for its 2nd Phase (extension). Using the previous two bullish legs from 2024 as a reference point, a +91.12% surge from the April bottom is expected, the analyst added, while noting the remarkable symmetry spotted amongst all three fractals on the Bitcoin chart.

As the analyst further asserted, should the pattern continue, the bullish leg is expected to peak at a little over $140,000 before Bitcoin kicks off its next correction. This prediction is based on the current market trends and the overall bullish sentiment surrounding the cryptocurrency. However, it is important to note that this is an analyst's forecast and not a guaranteed outcome.

Options traders are also showing confidence in Bitcoin's upward trajectory. Market data indicates that there is significant buying activity in the $130,000 price range for Bitcoin options. This suggests that many traders are betting on Bitcoin reaching this level in the near future. The increased demand for higher-level calls on Bitcoin further underscores the optimism surrounding the cryptocurrency's potential for growth.

The recent surge in Bitcoin's price has also led to speculation about its future targets. According to some analysts, $140,000 is in view as a rough target for Bitcoin following its jump to a new all-time high. This prediction is based on the current market trends and the overall bullish sentiment surrounding the cryptocurrency. However, it is important to note that this is an analyst's forecast and not a guaranteed outcome.

In conclusion, Bitcoin's recent surge to new all-time highs has captured the attention of investors and analysts alike. The cryptocurrency's impressive performance has been driven by a combination of factors, including increased institutional interest and a growing acceptance of digital currencies as a legitimate asset class. As Bitcoin continues to flirt with fresh highs, analysts and traders are closely monitoring its movements, with some predicting that the next target for the cryptocurrency is $140,000. However, it is important to note that this is an analyst's forecast and not a guaranteed outcome.