- Bitcoin has surged to a new all-time high of $118,404, leading a powerful, market-wide rally
- The rally is fueled by a massive supply squeeze, with institutions buying 6x more BTC than miners produced in Q2
- Analysts are now eyeing higher targets, with some suggesting a potential move toward $170,000
The cryptocurrency market resumed its rally this week as nearly all the top assets broke out of bearish pressure to deliver significant gains. Bitcoin, the largest cryptocurrency by market cap, led the move by setting a record. Ethereum and the other top altcoins returned notable profits in an upsurge that resembles the beginning of another bull run.
According to data from TradingView, Bitcoin climbed above the previous all-time high at $112,000 and reached a record price of $118,404 on Friday morning.
A crypto analyst made note of this in his podcast that most top cryptos followed Bitcoin’s trajectory by surging significantly, but none of them achieved their own ATHs yet as of the time of the presentation.
Analysts Eye $170K BTC Target Next
In the meantime, the crypto analyst noted that he expects Bitcoin’s price to rise significantly higher. He described the latest surge as a breakout and projected that the cryptocurrency would continue to rise until it gets to between $140,000 and $170,000.
Related: Bitcoin (BTC) Price Prediction for July 12
The analyst’s reasons for targeting higher Bitcoin prices include the Bitcon’s skyrocketing demand relative to its diminishing supply.
BTC supply squeeze from institutional buying
The analyst noted that Bitcoin treasury companies alone bought almost 160,000 Bitcoins, worth $17.4 billion in Q2 2025. He considers the development a corporate FOMO, highlighting that their BTC acquisition reflects a 66% rise in demand from Q1 2025.
Spot ETF issuers, like BlackRock and Fidelity, also contributed to the growing demand for Bitcoin. According to reports, spot ETFs acquired 111,411 BTC, yet miners earned only 40,950 Bitcoins over the same period.
Related: Bitcoin Sets New All-Time High Above $116.5K, Fueled by Institutional Demand
Despite Bitcoin’s latest achievements, most analysts think the cryptocurrency’s rally is only beginning. A Fox Business analyst says Bitcoin price is “coiled like a spring,” with the $170,000 region representing a short-term target.
According to the analyst, Bitcoin has consolidated over the past months and is prepared to catch up with other stocks that are already trading at new highs.
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