Leading cryptocurrency Bitcoin (BTC) started the new week with a new record high. The price of BTC surpassed $120,000 for the first time in its history.
According to Binance data, BTC briefly broke above $121,000, setting a new record. It is currently up 2.8%, reaching $121,500.
While the main reasons for the rise in Bitcoin prices were seen as the continued institutional demand in the US and positive legal developments, this rise was also accompanied by Ethereum and altcoins.
Ethereum (ETH) surpassed $3,000, while altcoins like XRP, Solana, and SUI also made significant gains.
According to the data, ALGO, PENGU and HBAR were 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.
Speaking to The Block, BTC Markets Crypto Analyst Rachael Lucas said that institutional demand is on the rise and that she expects the rise to continue.
Bitcoin has reached a new all-time high, and it’s not happening alone. There’s real momentum behind this rise, 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.
What’s Next for Bitcoin?
Expecting this rise in Bitcoin to continue, Lucas stated that BTC’s next target will be $125,000 and above.
“Bitcoin’s rise above $120,000 opens the door to $125,000-128,000 in the near term.
“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.
*This is not investment advice.