The leading cryptocurrency Bitcoin (BTC) started the new week by achieving a new record, as its price surpassed $120,000 for the first time in its history.
According to Binance data, the price of Bitcoin temporarily exceeded the $121,000 mark, reaching an all-time high. Currently, it has risen by 2.8% to reach $121,500.
This rise is attributed to increasing institutional demand in the United States, along with positive legal developments. This rise was also accompanied by an increase in the prices of Ethereum (ETH) and other cryptocurrencies.
The price of Ethereum has surpassed $3,000, while cryptocurrencies like XRP, Solana, and SUI have seen significant gains.
According to the data, cryptocurrencies ALGO, PENGU, and HBAR were among the top-performing currencies in the last 24 hours.
Analysts expect Bitcoin's rise to continue during what is known as 'Crypto Week' in the United States, which is expected to witness significant developments in the cryptocurrency market.
In a statement to The Block, analyst Rachel Lucas from BTC Markets said that institutional demand is increasing, and she expects this rise to continue.
She added: 'Bitcoin has reached its all-time high, and this doesn't happen in isolation. There is real momentum behind this rise, with cash flows into ETF funds exceeding $1 billion daily, and total assets under management surpassing $150 billion, meaning that over 6% of Bitcoin's total market value is currently held in ETF funds, reflecting the confidence of major institutions.'
Bitcoin also benefited from the start of 'Crypto Week' in America, where key regulatory proposals such as the CLARITY Act and the GENIUS Act will be discussed, and significant progress is expected.
What's next for Bitcoin?
Lucas stated that Bitcoin could target $125,000 and above, adding:
> 'Bitcoin's breakthrough of the $120,000 level opens the door to reach $125,000 - $128,000 in the near term.
If the demand for ETF funds continues, and macroeconomic conditions remain supportive—especially if U.S. interest rates are lowered again—we may see additional gains for Bitcoin in the third quarter of the year.
For his part, Jeff May, CEO of the cryptocurrency exchange BTSE, predicted that long-term institutional buyers could push Bitcoin to $125,000 within the next month or two.
As for 'John Glover', CEO of Ledn, he stated that Bitcoin's rise will continue and that the price could reach $136,000 by the end of the year.
> Note: This is not investment advice.
