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Bitcoin Breaks $122,000 for the First Time — What’s Next?
Bitcoin has broken above $122,000 for the first time, with investor optimism rising nearly every day after breaking out of the tight price range where the cryptocurrency had been stuck for months. Previously, skeptics questioned whether the original digital asset could regain record momentum like earlier this year, Bloomberg reports.
Following a sharp rally on news of Donald Trump’s re-election for a second term, Bitcoin remained stuck within a $100,000 range for several months. Concerns about Trump’s political and economic direction tempered investor enthusiasm. Now, as risk assets like stocks approach their historical highs again, Bitcoin has resumed its upward trend.
“This reflects a more mature view of Bitcoin — not just as a speculative asset, but as macroeconomic protection and a scarce store of value,” said George Mandres, senior trader at XBTO Trading LLC.
As of 09:10 Moscow time, Bitcoin was trading at $122,200, after briefly reaching $122,600 hours earlier. Since last December, Bitcoin has gained over 30%. Popular altcoins are following Bitcoin’s lead: Ethereum gained about 1.5% in a day, while XRP and Solana rose 2.7% each.
“Bitcoin has cleared $120,000, but the real test lies at $125,000. Support sits around $112,000, and any pullbacks look more like buying opportunities than a trend reversal,” said Rachel Lucas, analyst at BTC Markets.
One of the main drivers of this recent rally was the mass liquidation of bearish positions last week — those betting against Bitcoin lost over $1 billion. Also adding support are expectations around “crypto week” in the U.S. Congress, where lawmakers are set to discuss and possibly vote on key digital asset legislation.
Some analysts, however, remain skeptical about the sustainability of this surge.
“In my view, this is not a macro-driven move but rather an isolated event,” said Nansen analyst Nikolaj Søndergaard.
“That said, recent U.S. fiscal expansion and expectations of further monetary easing definitely create a favorable backdrop for Bitcoin.”
See also: "XRP Cryptocurrency Jumps 10% in Bullish Trading Rally"
