Bitcoin's rally continues, reaching a new high of $118,000. The options market is now eyeing the $120,000 target.
Bitcoin's Rally
Bitcoin has surged to an all-time high of $118,000 for the second consecutive day of its rally. Open interest in the options market is focused on call options at the $115,000 and $120,000 levels, with increased interest in long-term options expiring in September and December 2025, targeting prices of $140,000 and $150,000.
Institutional Investor Influence
Experts attribute this rise to institutional demand and positive market sentiment. According to a Coinbase survey, one-third of 250 institutional investors increased their crypto holdings in 2023, and over 60% plan to further increase their investments in the next three years.
Future Prospects and Volatility
Bitcoin's breakout above $116,000 continues its significant price cycles since 2009. Despite high price fluctuations, there is a trend of decreasing volatility. Research by KPMG indicates that 50% of financial companies now offer crypto products, reflecting a growing interest in Bitcoin as a mature and resilient asset.
Bitcoin's record price, along with increased institutional interest and decreasing volatility, suggests a growing stability and maturity of this asset in the cryptocurrency market.
