Bitcoin Reaches New All-Time High—Is $120K Within Reach?

Bitcoin surged to a new all-time high above $118,000, with analysts predicting it could reach $120,000 by the end of the month. The latest rally has been driven by institutional involvement, as more than $81 billion worth of Bitcoin changed hands in the last 24 hours. This marks the highest volume Bitcoin has seen since January, ahead of President Trump’s second inauguration, and in late February when Bitcoin fell to $84,000.

According to Kushal Manupati, Binance's regional growth lead for South Asia, this rally is not solely driven by retail investors. He highlighted that institutional players are significantly contributing to the price surge, bringing both liquidity and long-term credibility to the market.

Bitcoin’s climb to $118,000 marks a critical moment for the cryptocurrency industry. Institutions are showing growing confidence in Bitcoin, which could be a sign of long-term stability and legitimacy for the market. This shift reflects a larger trend of institutional investors entering the crypto space at scale.

Bitcoin's rise also comes amid broader optimism in the global markets. Analysts from QCP Capital noted that despite ongoing trade tensions and tariff threats, business sentiment remains resilient. In addition, the performance of copper, a key indicator of economic health, is showing a positive trend, reflecting improved liquidity and industrial demand.

Although Bitcoin has reached new price highs, exchange flows—measuring the amount of BTC moving onto exchanges—have continued to decline since October. Currently, flows stand at $2.39 million, the lowest in three years, according to data from CryptoQuant. This suggests that traders are holding onto their Bitcoin, signaling confidence in its long-term value rather than short-term speculative trading.

Ryan Lee, chief analyst at Bitget Research, also highlighted factors like strong stock market performance, a stable money supply, and the passage of the One Big Beautiful Bill Act as key drivers for Bitcoin’s continued growth. Lee believes that Bitcoin is well-positioned to break its previous high by the end of July, with $120,000 in sight.