Bitcoin reaches new all-time high of $112,000
Bitcoin (BTC) achieved a significant milestone on Wednesday afternoon, reaching an all-time high (ATH) of $112,022.
It surged past its previous consolidation phase, overcoming resistance levels and paving way for potential gains ahead.
John Glover, Chief Investment Officer at crypto lending platform Ledn, pointed out to MarketWatch that this recent rally mirrors a retest of Bitcoin's previous ATH, set earlier this year on May 22.
This earlier peak faced selling pressure, but Glover noted that institutional interest in Bitcoin is now on the rise.
$112,035.21. New #Bitcoin all-time high. pic.twitter.com/vJjTXz5kYp
Companies such as Trump Media & Technology Group and GameStop have publicly revealed their intentions to purchase Bitcoin to strengthen their treasuries, as reported by MarketWatch.
Despite this momentum, experts caution that the sustainability of Bitcoin's surge depends largely on macroeconomic factors, including ongoing trade negotiations. A study published in the International Review of Economics and Finance revealed that macroeconomic factors significantly influence any cryptocurrency's demand.
Market expert Doctor Profit posted on social media, affirming his confidence that Bitcoin's surge is far from over. He predicted that the cryptocurrency could soon hit new highs, with a target range of $120,000 to $130,000.
BITCOIN HIT ATH AT $112,000
THE PARTY IS NOT OVER YET
A NEW ATH IS COMING SOONProfit outlined two potential scenarios for this breakout.
The first suggests Bitcoin could temporarily dip to a range of $92,000 to $93,000 before bouncing back and quickly moving towards the $120,000 mark.
The second, more aggressive scenario, anticipates Bitcoin surging past the $113,000 to $114,000 range without revisiting lower levels.
As of the latest update, Bitcoin has retraced slightly to $111,276, attempting to establish this level as its new support floor.
How the market reacts to this range will likely play a key role in determining the cryptocurrency's next steps.