Bitcoin has surged to a new all-time high of $112,000, sparking optimism among bullish investors who predict the cryptocurrency could reach $150,000. Kyle Reidhead, co-founder of Milk Road, expressed his bullish sentiment on X, referencing a previous post that indicated a “bullish cup and handle” formation, which he believes will drive Bitcoin to $150,000.
This optimism comes after a period of tight consolidation over the past two weeks, during which many analysts were concerned about Bitcoin’s ability to surpass its previous record high from May. The new all-time high appears to have come at an opportune time, as economist Timothy Peterson had previously stated that if Bitcoin did not hit new highs within the next two weeks, it might not be able to approach such levels until October.
Market sentiment has also been on the rise. The Crypto Fear & Greed Index, which measures overall crypto market sentiment, increased by 5 points to a “Greed” score of 71 out of 100. This index is now at the same level it was 30 days ago, indicating a sustained positive outlook. Additionally, the CoinMarketCap Altcoin Season Index shows a “Bitcoin Season” score of 26 out of 100, suggesting that the market is still heavily favoring Bitcoin.
From a technical standpoint, Bitcoin appears to have broken out of its recent downtrend. Crypto analyst Matthew Hyland noted that Bitcoin has confirmed a daily higher-high, signaling an end to the downtrend that began in late May. Hyland stated, “Bulls are in control,” indicating a strong upward momentum for the cryptocurrency.
The current price of Bitcoin is $111,383, according to TradingView data. This surge in price has caught some traders off guard, as Bitfinex analysts had previously expressed caution about buying Bitcoin at its current level, noting that the cryptocurrency was struggling to break above its all-time high. However, the liquidation of approximately $217.55 million in Bitcoin short positions over the past 24 hours suggests that traders are increasingly bullish on the cryptocurrency’s prospects.
Analysts have attributed the recent momentum in Bitcoin to institutional participation. eToro analyst Josh Gilbert noted that this is the first real bull market where institutional participation is front and center. Strong ETF inflows and a solid macro backdrop have helped drive market momentum, with institutions playing a crucial role in the recent price surge. Coinstash co-founder Mena Theodorou echoed this sentiment, stating that the momentum is being driven by institutions rather than retail investors.
Despite global uncertainties, including escalating trade tensions and rising geopolitical risks, Bitcoin has remained resilient. This resilience has further bolstered the confidence of bullish investors, who believe that the cryptocurrency is poised for continued growth. As the market sentiment continues to improve and technical indicators point to a bullish outlook, Bitcoin’s journey to $150,000 may be closer than many had anticipated. 
