On Wednesday, the market’s leading cryptocurrency, Bitcoin (BTC), surged by more than 3% to a new all-time high (ATH), fueled by the market’s strong buying pressure experienced over the last month.
According to Coin Metrics data, the Bitcoin price climbed beyond the $109,000 level, reaching an astonishing $109,500 record. This milestone not only marks a substantial rebound, but it also exceeds BTC’s prior high in January.
Bitcoin’s Record High Result Of Favorable Macro Factors
The recent price increase can be attributed to several converging factors, particularly easing regulatory pressures in the United States. With key crypto legislation poised for passage in the US Senate, the environment appears increasingly supportive under pro-crypto President Donald Trump.
Alongside these political developments, favorable macroeconomic conditions, including softer inflation numbers and a de-escalation of tensions in the US-China trade war has created a conducive atmosphere for Bitcoin’s rise.
Antoni Trenchev, co-founder of the crypto exchange Nexo, commented, “Bitcoin’s new high has been concocted by an array of favorable ingredients in the macro cauldron.”
“It’s possible a three-month window has opened for risk assets to thrive as a broader agreement between the US and China is thrashed out,” Trenchev added in a recent interview with CNBC.
Could BTC Reach $120,000?
Looking ahead, crypto analyst Doctor Profit—known for accurately predicting Bitcoin’s previous drop to $77,000 and subsequent recovery above $100,000—has set new targets for the cryptocurrency.
In a recent social media post on X (formerly Twitter), the analyst suggested that BTC could reach between $117,000 and $120,000, which would represent an additional 10% increase. This potential rise could signal a new price discovery phase for the token, a first in several months.
At the time of writing, BTC attempts to consolidate above $109,000, with the aim to convert this floor into the new support for the rest of the new uptrend.
Featured image from DALL-E, chart from TradingView.com
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