Key takeaways
Bitcoin hit a new all-time high of $124,457 a few hours ago as the broader crypto market rallied higher.
BTC could be looking to continue its upward momentum and target the $130k mark next.
BTC hits a new all-time high
The cryptocurrency market has continued its positive trend after Monday’s slump. Bitcoin recovered from trading below $119k on Monday to set a new all-time high a few hours ago.
The world’s leading cryptocurrency by market cap added over 3% to its value in the last 24 hours to hit a new all-time high price of $124,457. Bitcoin has slightly retraced and is now trading at $121,802.
The positive performance comes amid renewed optimism of a September rate cut by the United States Federal Reserve. The recent CPI data showed slowing inflation in the country, and this could prompt the Fed to cut the interest rate in its next FOMC meeting.
Today’s milestone marks the fourth time that Bitcoin has established a record high in 2025. Analysts at Standard Chartered estimate Bitcoin could reach $200,000 by year’s end if the current bullish momentum continues.
BTC Markets Crypto Analyst Rachael Lucas pointed out that Bitcoin’s price is benefiting from a “perfect storm” of institutional demand from spot exchange-traded funds and corporate treasuries. Lucas told The Block that,
Over the past month, BTC ETFs have added more than $3.6 billion, while corporate and sovereign treasuries now control 3.64 million BTC. [That’s] over 17% of the total supply. Combine that with strategic, long-term holdings, and you have structural demand meeting finite supply.
BTC could rally to $130k as demand builds
The BTC/USD 4-hour chart is bullish and efficient thanks to Bitcoin’s ongoing rally. The technical indicators have also flashed bullish despite the slump earlier this week.
With an RSI of 61, Bitcoin is showing a bullish momentum. The MACD lines deep within the positive territory also indicate that buyers are currently in control of the Bitcoin market.
If the rally continues, BTC could surge past the recent high of $124k and surpass the $125k level in the near term. An extended rally could allow it to target the $130k region for the first time in its history.
However, Bitcoin could face a correction after hitting a new all-time high. If that happens, BTC could retest its nearest support and TLQ level at $118,422. Failure to defend this support level could see BTC dip lower to the monthly low at $111k.
