Despite entering what is typically its slowest season, Bitcoin is showing no signs of weakness.
The flagship cryptocurrency recently climbed to an all-time high of $122,884, and analysts say the rally is fundamentally supported, not fueled by retail speculation.
According to Matt Mena, strategist at 21Shares, Bitcoin’s supply dynamics are tightening while demand continues to grow — especially from institutions. He points out that both exchange and OTC reserves have plunged to record lows, and ETFs are absorbing newly mined BTC at a pace far beyond current production.
Bitfinex analysts add that new buyers entering the market are less sensitive to price fluctuations, suggesting a shift in investor behavior. Even without a surge in retail search interest, which remains low according to Bitwise data, Bitcoin has still managed to rally over 11% in the last 30 days.
While the long-term outlook remains bullish, Mena warns that macroeconomic risks could temporarily disrupt the trend. Potential delays in rate cuts or an escalation in tariffs under President Trump could trigger a short-term pullback across risk assets, including crypto.
Still, Mena believes the current trajectory is intact and expects momentum to pick up again once the summer lull ends. The unusual strength in this historically weak quarter highlights Bitcoin’s growing resilience and maturity in the face of macro uncertainty.
Alexander Zdravkov
Reporter at Coindoo
Alexander Zdravkov is a person who always looks for the logic behind things. He is fluent in German and has more than 3 years of experience in the crypto space, where he skillfully identifies new trends in the world of digital currencies. Whether providing in-depth analysis or daily reports on all topics, his deep understanding and enthusiasm for what he does make him a valuable member of the team.
Source: https://coindoo.com/why-bitcoins-bull-run-might-just-be-getting-started/