Bitcoin could set a new record high as early as this week, with all eyes trained on the United States’ trade tariff deadline on Wednesday, which could unlock risk appetite, along with an upcoming “Crypto Week” in the country’s capital.
“Bitcoin is likely to set a new all-time high this week or next,” the head of research at 10x Research, Markus Thielen, told Cointelegraph on Monday.
He added that post-July 4th seasonality “tends to be bullish, and markets have largely shrugged off tariff-related risks.”
July 9 is the deadline when the 90-day pause in US reciprocal tariffs ends.
“If the US postpones the tariffs again, markets might interpret this as a reluctance to implement them, and it will support risk appetite,” UBS Global Wealth Management analysts said in a note, according to The Wall Street Journal.
“Bitcoin looks to be setting up for an upside breakout,” concurred John Bollinger, inventor of the Bollinger Bands technical trading indicator, on Sunday.
Bitcoin (BTC) prices were only 2% away from their May 22 all-time high, briefly topping $109,500 on Monday trading.
A volatile week ahead
“It will likely be a volatile week,” Apollo Capital’s chief investment officer, Henrik Andersson, told Cointelegraph.
“We do believe there is a good chance that the US will sign a framework agreement with the EU this week,” he added.
Andersson also mentioned that Elon Musk had just mentioned Bitcoin on X, “as it seems like he is warming up to the asset again.”
“Any downside volatility this week could be a good buying opportunity ahead of next week, which has been designated as ‘Crypto Week’ in [Washington] DC,” he concluded.
Markets already rallying
Traders were previously concerned about volatility leading up to the July 9 tariff deadline, observed Jeff Mei, chief operating officer at the BTSE exchange.
However, “it looks like markets are rallying after it was revealed countries will have more time to negotiate before tariffs take effect at the beginning of August,” he told Cointelegraph, adding, “If we see good numbers on Tuesday, then it’s likely that markets will continue to rally.”
Crypto markets had gained more than $50 billion in total capitalization over the past 24 hours following a relatively flat weekend, according to CoinGecko.
Altcoin season potential
Meanwhile, Nick Ruck, director at LVRG Research, told Cointelegraph that traders may “look to altcoins for upside potential as the second half of this year is anticipated for higher volatility and surges in digital asset prices.”
“We expect Bitcoin may enter a new price discovery zone once it surpasses its all-time high,”
Eugene Cheung, chief commercial officer at digital assets platform OSL, told Cointelegraph, “We’re optimistic that more investors will look to Bitcoin and Ethereum to escape macro volatility and potential inflation increases as the Fed signals high potential to cut interest rates this year.”
