Bitcoin (BTC) and altcoins are experiencing significant volatility. Currently, Bitcoin has reached a new record high, reaching over $124,400.
While BTC is hitting a new ATH, Ethereum (ETH) is on the verge of a new ATH. ETH reached $4,780 intraday, its highest level since the end of 2021.
Analysts say the rise in Bitcoin is due to rising corporate demand and growing expectations that the Fed will cut interest rates in September.
Bitcoin Could Reach $150,000!
While the general rise in the market is expected to continue, IG market analyst Tony Sycamore said that the rise is supported by institutional demand and the Fed, as well as the Trump administration’s moves to facilitate cryptocurrency investment.
“Technically, a sustained rally above $125,000 could push BTC to $150,000.”
The rise may continue until the end of the year!
Speaking to The Block, BTC Markets crypto analyst Rachael Lucas also noted that the rally is being fueled by the same catalysts. She added that she expects Bitcoin to maintain its upward momentum through the end of the year.
Bitcoin prices are rising due to expanding demand for institutional and spot ETFs. I anticipate a sustained upward trend for the remainder of the year.
The combination of supply shortages and strong structural demand will support further increases through the end of the year.”
Lucas added that Bitcoin will maintain its upward momentum for the rest of the year, but will experience a period of consolidation in the $120,000 to $125,000 range.
*This is not investment advice.