The Bitcoin price has reached a new milestone, reaching a new all-time high (ATH) for the second time this year. In the process, the flagship crypto has also moved past Amazon’s stock to become the fifth-largest asset by market cap. Analysts like legendary trader Peter Brandt predict that BTC will still reach new highs in the coming months.
Bitcoin Price Hits New All-time High
CoinMarketCap data shows that the Bitcoin price has hit a new all-time high, surging past its previous ATH of $109,100 to reach $109,487. The leading crypto surged from its intraday low of around $105,135 to hit this milestone and looks primed to still hit new highs on this upward trend.
Following the rally to a new ATH, Bitcoin moved past Amazon’s stock and is now the fifth-largest asset by market cap. The crypto asset boasts a market cap of $2.13 trillion and is only behind gold, Microsoft, Nvidia, and Apple in the standings.
The Bitcoin price surge to a new ATH comes amid heavy accumulation by institutional investors. As CoinGape reported, inflows into the BTC ETFs have skyrocketed over the last couple of weeks, with BlackRock’s IBIT now holding over 636,000 BTC. The ETF has recorded 24 days of inflows in the last 25 days.
Meanwhile, corporate firms are also accumulating more BTC than ever before. Strategy, the public company with the largest holdings, bought 7,390 Bitcoin last week, bringing its total holdings to 576,230 BTC. Saylor and his firm are currently sitting on an unrealized profit of $22.7 billion on their BTC investment.
Meanwhile, Japanese firm Metaplanet added 1,004 BTC this week and now holds 10,000 BTC. Firms like Basel Medical Group are also looking to acquire Bitcoin for their treasury reserves.
Peter Brandt Raises The Possibility Of BTC Hitting $150k
Veteran trader Peter Brandt raised the possibility of the Bitcoin price rallying to as high as $150,000 in the coming months. This came as he commented on BTC hitting a new ATH and revealing that he is currently long on the flagship crypto.
However, he noted that all-time highs are not “technically significant,” as bull markets always make ATHs. He then questioned if BTC was on track for a top of $125,000 to $150,000 by the end of August.
Crypto analyst Titan of Crypto asserted that the $135,000 target for the Bitcoin price in 2025 is still in play. He further claimed that the plan is unfolding perfectly.
Strategy co-founder Michael Saylor also commented on the rally to a new ATH. In an X post, he said,
If you’re not buying bitcoin at the all-time high, you’re leaving money on the table
The Strategy co-founder recently released a video in which he affirmed that Bitcoin is the best asset to invest in. He claimed that BTC has become a haven to protect against the risks associated with physical capital.
Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across several topics and niches. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover, a traveler and a part-time degen.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
✓ Share: