Bitcoin (BTC) has powered through the $118,000 level for the first time, notching a fresh record high and dragging the rest of the crypto market with it. The move caps a 13 percent rise in just two months and has traders already eyeing the $120,000 mark as the next big test.
This rally has not come out of thin air. Institutional buying has accelerated, drying up liquidity across major exchanges. At the same time, the Trump administration’s pro-Bitcoin stance has added political momentum to the rally. An executive order to create a national Bitcoin reserve, announced in April, marked a clear pivot from previous US policy and sent a strong signal to markets.
While global equity investors have held back on trade concerns, Bitcoin has surged from it’s April lows to its current highs, breaking out of its previous trading range without hesitation.
With volatility in other risk assets and rising concern over fiat debasement, the crypto narrative is shifting again. Some now see Bitcoin less as a punt and more as a hedge.
Ether has also joined the party, climbing 20 percent in the same period to close in on $3,000. But Bitcoin remains the centre of attention. Its fixed supply and growing acceptance among large investors have helped revive the old comparison to gold, though with far more price action.
Forecasts are flying, with some analysts calling for $145,000 by year-end and others pushing long-term targets closer to half a million. Not everyone agrees. Critics argue the price is being propped up by speculative flows and political hype, with little evidence of Bitcoin fulfilling its original role as a payment system.
Still, the current price action is hard to ignore. Bitcoin is no longer a fringe asset. It is behaving like something that wants a seat at the macro table. Whether it stays there is another question entirely.
At the time of writing Bitcoin was trading at 118,021.