Rahmat! Sizning arizangiz qabul qilindi!
Ups! Shaklni yuborishda xatolik yuz berdi.

Bitcoin price all-time high has bulls chasing 120K

This article was updated on
This article was first published on
A line chart showing Bitcoin's price performance from 2019 to 2025 after several cycles of volatility

Bitcoin’s back in the spotlight and it’s not messing about. After smashing through its all-time high to top $112K, the world’s favourite cryptocurrency is once again testing the limits of what’s possible. With momentum building and the charts lighting up, the big question is doing the rounds: is $120K just around the corner, or are we getting ahead of ourselves?

Let’s unpack what’s driving the rally - and whether this time, it really is different.

A bitcoin price rally fuelled by more than just hype

This latest surge didn’t come out of nowhere. It was supercharged by the liquidation of over $425 million in leveraged short positions - a classic short squeeze that sent Bitcoin flying past the long-standing $110K resistance zone. 

In the past hour, $3.8 million was liquidated, with most losses coming from short positions.
Source: Coinglass

But unlike previous spikes that fizzled out as fast as they appeared, analysts say this one has substance. The momentum is being powered by real demand. According to analysts, people aren’t just banking on price moves - they’re buying to hold. Exchange reserves have dropped to their lowest since March, suggesting long-term conviction is on the rise. It’s less froth, more foundation.

Source: Glassnode

Institutions pile into Bitcoin ETFs 

The numbers speak volumes. Bitcoin ETFs, only approved in early 2024 after years of regulatory wrangling, have already topped $150 billion in assets under management. For context, it took gold ETFs over 16 years to hit that same milestone. That kind of growth doesn’t happen unless big players are piling in.

Source: Bloomberg

Backing this up, a study in the Journal of Financial Economics shows that nearly 70% of institutional investors now see Bitcoin as a legitimate asset class. And in a notable pivot, JPMorgan analysts have turned bullish on BTC, now expecting it to outperform gold in the second half of the year. They’ve even described the trend as a “zero-sum game” - when gold slips, Bitcoin climbs. That’s a big deal in traditional finance circles.

From digital gold to political headlines

There’s another force at play - politics. Bitcoin is increasingly behaving like a geopolitical hedge. Following President Trump’s announcement of sweeping tariffs on countries like Malaysia and South Africa, Bitcoin didn’t flinch. In fact, it rallied - and has continued to decouple from equity markets on days the S&P 500 corrects.

That perception of Bitcoin as a safe haven is gathering steam, especially as fears over fiat debasement resurface. Analysts at Sygnum Bank say this shift is helping Bitcoin carve out a role traditionally held by gold, but with the added allure of digital innovation.

Crypto regulation news could garner more institutional interest

All this is happening against a surprisingly pro-crypto policy backdrop. The U.S. Congress is preparing to debate the Genius Act - a bill designed to bring stablecoin issuers under regulatory oversight. It’s been redrafted to address concerns around consumer protection and national security, and now appears to have bipartisan support.

Bo Hines, executive director of the president’s council of advisors for digital assets, bluntly stated during this week’s Consensus conference: “We’re ready for adoption. We are moving extremely quickly and effectively.”

The implication? If passed, this legislation could unlock a new wave of institutional interest, particularly from cautious players waiting for clearer regulatory guardrails.

Bitcoin price prediction: Is 120K next?

Technically, Bitcoin is flirting with the next psychological milestone. It’s already broken out of a tight trading range and is holding above previous resistance. If it can stay there, and macro conditions remain supportive, $120K could come into view faster than many expect.

That said, a word of caution: the IMF recently warned that crypto assets remain three times more volatile than traditional ones. And while ETF growth is impressive, some market watchers worry it could be distorting natural price action.

Still, with spot buyers in control, institutional appetite growing, and regulation moving from theory to reality, this rally feels more grounded than the last. It’s not just charts and candles anymore - it’s policy, portfolios, and purpose.

Bitcoin price outlook

Bitcoin’s latest breakout isn’t just a price move - it’s a signal. A signal that crypto is no longer the fringe bet it once was. The ecosystem is maturing, institutions are engaging, and regulators are finally playing ball.

$120K? It’s no longer a moonshot. It might just be the next logical step.

At the time of writing, Bitcoin is seeing some pullback from its all-time high, with clear signs of profit-taking. The volume bars, on the other hand, tell the story of dominant buy pressure over the past days, with sellers offering little resistance, hinting at a potential further uptick. If the uptick materialises, we could see buyers face resistance around the all-time highs. Conversely, if we see a slump, prices could be held at the $107,400 and $100,900 support levels. 

Source: Deriv MT5

Will Bitcoin race to 120K?  You can speculate on the price of BTC with a Deriv MT5, Deriv cTrader, or a Deriv X account.

Disclaimer:

The performance figures quoted are not a guarantee of future performance.