Bitcoin has set a new record by reaching a price of $118,869, allowing it to surpass Amazon and become the fifth largest asset in the world by market cap.
Bitcoin Becomes the Fifth Largest Asset by Market Cap
Reportedly, Bitcoin's market cap now stands at $2.36 trillion, exceeding Amazon's market cap of $2.359 trillion. In order to surpass Apple's market cap, Bitcoin needs to rally to $160,000, while gold's market cap is $22.56 trillion. Experts are confident that Bitcoin will one day exceed gold.
Options Traders Target $120K
According to recent data, Bitcoin options on the largest derivatives exchange Deribit have concentrated around $115,000 and $120,000 strike prices. The upcoming September and December expiries are seeing elevated interest at $140,000 and $150,000. This has led to an unwinding of over $1.1 billion in short positions. As of the time of writing, market sentiment among traders remains mixed.
Analysts Predict $135K Prior to Bull Market Peak
Notable analysts such as Peter Brandt and Markus Thielen predict that Bitcoin's price could reach $135,000 based on a bull flag pattern breakout. Analyst Rekt Capital and Willy Woo also forecast a bull market peak for September-October, based on historical cycles. The current cycle suggests 2-3 months remain before potential top formation.
Recent Bitcoin achievements emphasize the ongoing growth of its popularity and perception as an asset. Analysts' forecasts and traders' expectations indicate potential further price increases.
