In the past two days, Bitcoin has reached its sixth consecutive all-time high, exceeding $118,600, indicating a continuing rally in the cryptocurrency market.
Price Surge of Bitcoin
On July 11, Bitcoin reached new records, rising approximately 6% after breaking through the $110,000 mark to a new level of $118,668. According to data, the token has increased by 6.8%.
Market Analysis and Predictions
According to Matrixport's analysis, which predicts that Bitcoin may reach $116,000 and beyond, the historical seasonality also indicates strong gains in July. "If historical seasonality holds, Bitcoin could be poised for another move higher," said the on-chain analysis firm in its report.
Current Market Environment
Various factors are contributing to the ongoing rally, including expectations of Fed rate cuts, increased inflows into Bitcoin ETFs, and broader regulatory tailwinds. Analysts project that Bitcoin may test the $120,000 level before the end of the month and could potentially extend toward the $130,000 to $140,000 range.
The recent Bitcoin surge and its breaking of all-time highs indicate optimism in the cryptocurrency market, although they also imply the potential for directional changes depending on market factors.
