Bitcoin (BTC) has achieved its sixth straight all-time high in under two days, at a level of $118,668 on July 11, according to figures from crypto.news. The leading cryptocurrency has climbed around 6.8%, following a spectacular breakout above the $110,000 resistance mark.
This bullishness began on July 10, when BTC surpassed $113,800 — its second all-time high within 24 hours. The surge has been driven by strong institutional appetite, ongoing spot BTC ETF inflows, and general market optimism.
Market conditions are set for BTC’s explosive growth
Analysts attribute the current price action to a mix of technical and macroeconomic factors. Expectations of future cuts in U.S. Federal Reserve rates have boosted risk appetite. Meanwhile, strong performance in equity markets has spilled over into crypto.
Matrixport’s earlier forecast predicted that there could be a rally to $116,000 and beyond in July — already an attainable goal. Their prediction was based on past seasonally robust summer performance typically experienced with BTC.
$120K next? Experts anticipate further upside
With technical breakouts steepening and the momentum accelerating, the majority of analysts now anticipate that Bitcoin will reach the $120,000 mark by the end of July. If this resistance level is broken, the next likely target area is the range between $130,000 and $140,000.
Despite this bullish backdrop, traders are also watching closely for potential corrections in light of the strength of the recent rally. However, sentiment remains extremely positive due to robust capital inflows and favorable regulatory news.
