Bitcoin price prediction: Bitcoin Breaks $124,000 and Reaches a New All-Time High Amid Expectations of a US Rate Cut
The biggest cryptocurrency in the world, Bitcoin, reached a new all-time high on Thursday thanks to robust institutional demand and rising anticipation of an interest rate decrease in September. On Thursday morning, Bitcoin was trading at $124,196. At $120,640, the price has cooled down, nevertheless.
Around six in the morning on Thursday, Bitcoin was trading at $124,196, according to binance.com. But as prices have dropped, the cryptocurrency was trading for $120,640 at 9:45 a.m., up 0.8% from the previous day, with 19.91 million in circulation.
For the first time, Bitcoin jumped over $124,000, reaching a new all-time high before leveling out. Strong institutional demand and rising anticipation of a September interest rate cut—which CME FedWatch currently projects to be 93.7% likely—fueled the advance. Although a core inflation hike to 3.1% should keep the Fed cautious, the US CPI data, which was softer than anticipated at 2.7% year over year, increased optimism, according to Himanshu Maradiya, founder and chairman of CIFDAQ.
At $4,717, Ethereum also got close to its 2021 peak. While corporate and sovereign treasuries currently possess 3.64 million BTC, or 17% of the supply, institutional inflows continue to be a major factor in the BTC ETFs’ addition of over $3.6 billion in the last month. Strong structural demand and constrained supply will sustain additional gains through the year’s end, he continued, even though the markets may consolidate between $120K and $125K.
Bitcoin Price Prediction 2025
“BTC has broken through the resistance zone between $122K and $1123K, its previous October 2021 peak,” the CoinSwitch Markets Desk reports. With the latest breakout confirmed by increasing ETF flows and macro tailwinds, traders are now targeting $135,000 as their next potential goal.
The mid-cap rally is being led by Ethereum (ETH). ETH rose nearly 8% during today’s rally, reaching between $4,630 and $4,750, just short of its 2021 ATH. $523 million was inflowted into ETH spot ETFs.
Whale buildup, as evidenced by on-chain data showing huge addresses adding to positions before this rally, further supports the fundamental momentum.
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