Bitcoin and other cryptocurrencies are experiencing significant volatility, with Bitcoin reaching a new record high over $124,400, and Ethereum nearing new heights.
Bitcoin Sets a New Record
Bitcoin has hit a new all-time high, surpassing $124,400. Ethereum is also showing positive momentum, reaching $4,780 intraday, the highest level since the end of 2021.
Analysis of Reasons for Growth
Analysts attribute Bitcoin's rise to increasing corporate demand and expectations that the U.S. Federal Reserve will cut interest rates in September. According to IG Market analyst Tony Sycamore, "Technically, a sustained rally above $125,000 could push BTC to $150,000."
Market Outlook Until Year-End
BTC Markets crypto analyst Rachael Lucas suggests that Bitcoin's upward trend will continue through the end of the year. She noted that "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," adding that Bitcoin will experience a consolidation period within the $120,000 to $125,000 range.
With the current dynamics, the cryptocurrency market may continue to rise, and investor interest remains high. However, a consolidation period is likely in the coming months.
