Bitcoin hits new ATH of $118K – Can 2025 take BTC’s price to $150K?

Key Takeaways

• BTC has printed consecutive new highs up to now 48 hours, with the newest being $118.4K. A crypto VC has projected that this may very well be the start of a springboard to $150K-$180K vary. 

Bitcoin [BTC] has added $11K this week, a ten% run that pushed it to a file excessive of $118K on the Binance trade on the eleventh of July. 

Supply: BTC/USDT, TradingView 

Market information confirmed that the upswing was fueled by a large brief squeeze and boosted by file inflows from U.S. spot BTC ETFs (exchange-traded funds). And analysts nonetheless anticipated extra development. 

Document Bitcoin liquidation

The mid-week rally started with a brief squeeze following a large wipeout of leveraged brief positions that piled above $111k and stretched to $115k up to now few days. 

These speculators had been betting on muted value motion and potential BTC retracement. However they had been mistaken and obtained burned. 

Such liquidity swimming pools on the derivatives all the time set off a liquidity hunt and act as a value magnet. 

CoinGlass data confirmed that over $1.2 billion positions had been liquidated throughout the markets up to now 24 hours.

And BTC accounted for $655 million, with bears struggling a $635 million loss. 

The truth is, on an aggregated foundation, BTC dealer Byzantine Normal noted that this was a file liquidation lately.

In different phrases, this was a robust bullish cue for BTC on the derivatives market. 

Supply: X

ETF inflows, low promoting stress

Though the spot market had proven slight demand contraction not too long ago, a renewed institutional urge for food boosted BTC additional.

On the tenth of July, ETFs noticed $1.18 billion in each day inflows, the second largest since their debut. 

Supply: SoSo Worth 

Paired collectively, the lift-off from the brief squeeze and extra gasoline from ETFs prolong the upswing to $118K. 

CryptoQuant additionally highlighted one other catalyst for the bull run – A muted promote stress within the spot markets. 

Not like the Q2 bounce from $75K to $100K, which attracted elevated promoting stress, this mid-week rally didn’t see any notable spike from sellers. 

Supply: CryptoQuant 

The trade influx metric tracks the general incoming BTC provide from custodial wallets with the intention to dump at centralized exchanges. 

The truth is, in comparison with the This autumn 2024 BTC value surge that attracted 81K BTC in sell-off, the present pump noticed stress dip additional to 18K BTC. 

As anticipated, the breakout has seen new BTC value calls within the mid-term. Charles Edwards, founding father of crypto VC Capriole Investments, projected that BTC may prolong the rally to $150k-$180k in H2 2025. 

“I lean in the direction of a significant new value growth development commencing right here, with a 50-70% acquire over the subsequent 6-months being an affordable base case for me based mostly on the information I take a look at. That may take us to $150-180K.”

He added that his projection could be weakened if BTC dips under $110K and invalidated if it drops under $105K.