Bitcoin is just 2% away from its all-time high, and analysts suggest it could set new records as early as this week, driven by macroeconomic catalysts such as a possible delay in U.S. tariffs and a bullish seasonality after July 4th. Market sentiment is positive, with BTC nearing $109,500, supported by a growing risk appetite among investors.
Bitcoin could reach a new all-time high as early as this week, with all eyes on Wednesday's deadline for U.S. trade tariffs, which could unlock risk appetite, along with the upcoming 'Crypto Week' in the nation's capital.
"It is likely that Bitcoin will reach a new all-time high this week or next," said Markus Thielen, head of research at 10x Research, to Cointelegraph on Monday.
He added that post-July 4 seasonality "tends to be bullish and markets have largely ignored tariff-related risks."
July 9 is the date when the 90-day pause on reciprocal tariffs imposed by the United States ends.
"If the United States were to delay the introduction of tariffs again, the markets could interpret it as a reluctance to apply them, which would favor risk appetite," wrote analysts at UBS Global Wealth Management in a note, according to the Wall Street Journal.
The price of Bitcoin was just 2% below the all-time high of May 22, briefly surpassing $109,500 during Monday's trading.
📊 The markets are already rising
Traders were previously concerned about volatility ahead of the July 9 deadline for tariffs, noted Jeff Mei, COO of the BTSE platform.
However, "it seems that the markets are reacting positively after it was revealed that countries will have more time to negotiate before tariffs take effect in early August," he told Cointelegraph, adding: "If we see good data on Tuesday, it is likely that the markets will continue to rise."
🔭 Potential for altcoin season
Meanwhile, Nick Ruck, director of LVRG Research, told Cointelegraph that traders might "look to altcoins for growth potential, as the second half of the year is expected to bring greater volatility and increases in digital asset prices."
"We expect Bitcoin to enter a new price discovery phase once it surpasses its all-time high," said Eugene Cheung, commercial director of digital asset platform OSL, to Cointelegraph. "We are optimistic that more and more investors will turn to Bitcoin and Ethereum to hedge against macroeconomic volatility and potential inflation increases, as the Fed signals a high probability of interest rate cuts this year."