Is Bullish Bitcoin About to Set a New Record?
Bitcoin has moved from holding its gains to climbing higher and is about to set a new record this week.
Quick overview
- Bitcoin's price increased by 2.32% to $122,001, nearing its all-time high.
- The recent Consumer Price Index report indicates flat inflation, boosting Bitcoin's bullish momentum.
- Investor confidence remains strong due to positive stock market sentiment and tariff negotiations.
- Analysts predict Bitcoin could reach $125K, while it has shown resilience amidst market fluctuations.
Live BTC/USD Chart
While Bitcoin (BTC) stayed in a holding pattern on Tuesday, it is moving quickly upward on Wednesday and could set a new record this week thanks to its bullish momentum.
The price of Bitcoin climbed 2.32% over the last day, resulting in a BTC rate of $122,001 (BTC/USD). That is just 0.88% off the all-time high for the coin, so we expect Bitcoin to set a new record very soon.
BTC/USDBitcoin has gained bullish momentum thanks to the recent report on the Consumer Price Index that showed the price of consumer goods has not changed much overall for June and that inflation is flat with last year’s inflation rate. The coin is also benefitting from positive stock market sentiment that does not seem to be bothered by new tariffs. The biggest trade partners, like China. The European Union, and Canada have all decided to negotiate with the United States over tariffs, leaving investors confident that tariffs will have little effect on their investments for now.
Is It a Good Time to Invest in Bitcoin?
Bitcoin price predictions are everywhere at the moment, with some analysts predicting the psychologically important price point of $125K. That would make for a nice headline, and it makes sense that the whales will try to push Bitcoin higher at this juncture.
BTC has shown incredible resilience in the face of a number of market fluctuations, and it has stayed around $119K recently. That demonstrates its ability to keep its gains and push higher even when the rest of the crypto market is behaving differently.
Ethereum (ETH) might be the better short term investment for its wild fluctuations, but Bitcoin has a better chance of holding onto its increases and pushing to a new record high again and again this year. Bitcoin has been mostly bullish since April, and there is every reason to expect it will remain primarily bullish through the end of the year, especially with strong government support and a steady inflation rate.
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