Bitcoin started the new week with a historical record, as its price surpassed $120,000. These changes have attracted the attention of both investors and analysts.
Overview of Bitcoin's Record
Bitcoin (BTC) reached a new record, briefly exceeding $121,000. Currently, its price stands at around $121,500, which is up 2.8% from previous days.
Support from Institutional Investors
The main factors behind the rise in Bitcoin prices were seen as the continued institutional demand in the US and positive legal developments. Price increases were also observed in Ethereum (ETH) and altcoins such as XRP and Solana. Notably, ALGO, PENGU, and HBAR experienced the most significant gains in the last 24 hours.
Future of Bitcoin and Analyst Predictions
Analysts expect the rise in Bitcoin to continue during the highly anticipated 'Crypto Week' in the US, where significant discussions on key crypto proposals are scheduled. Rachael Lucas, a crypto analyst at BTC Markets, noted that institutional demand is on the rise and expects Bitcoin's next target to be $125,000 and above. Jeff Mei, chief operating officer of cryptocurrency exchange BTSE, also stated that long-term institutional buyers could push Bitcoin to $125,000 in the next month or two.
The cryptocurrency market continues to shift, and the influx of institutional funds provides grounds for positive forecasts for the future. Bitcoin is expected to establish new records in the coming days.
