Leading cryptocurrency Bitcoin (BTC) broke a new record over the weekend, reaching its highest level in its 17-year history and breaking through the $125,000 barrier.
At this point, analysts predict that Bitcoin is poised for further gains in the coming weeks after reaching a new record high on Sunday, with the next target being $150,000.
At this point, Charles Edwards, founder of Capriole Investments, stated that Bitcoin rising above $120,000 would lead to a very rapid rise towards $150,000.
While it was stated that institutional purchases and especially ETF inflows were effective in this rise, BTSE COO Jeff Mei stated that investors see Bitcoin as an alternative to the US dollar and Treasury bills amid the weakening dollar and interest rate cut expectations.
In this context, Mei assessed that the recent BTC rally was caused by a combination of factors such as the US government shutdown, the weakening dollar, and strong ETF inflows.
Bitcoin Could Hit Another Bottom
While analysts generally expect the rise to continue, popular cryptocurrency analyst Will Clemente also pointed to ETF inflows as the catalyst for Bitcoin’s recent rise in his X post.
However, Will Clemente stated that he expects one last dip in Bitcoin.
“We will probably have one last dip, but the most positive thing about the recent move in Bitcoin is that it has not been driven by treasuries, this rally has been driven by spot ETF buying.
“Macro investors are probably investing in Bitcoin. And institutional funds are also moving out of commodities and small-cap stocks and into Bitcoin.”
*This is not investment advice.