Bitcoin Hits All-Time High at $124,474

Last night, the price of Bitcoin (BTC) reached a new all-time high of $124,474 before experiencing a slight correction. At the time of writing, the asset is trading at $121,816. According to Coinglass, approximately $453 million worth of positions were liquidated in the market over the past 24 hours. Bitcoin’s market capitalization briefly exceeded $2.457 trillion, surpassing Google’s $2.450 trillion.

Growth Over the Decade Outpaces All Major Assets

According to the new Bitcoin Intelligence report, over the past 10 years Bitcoin’s modeled compound annual growth rate (CAGR) has been 42,5%. This is significantly higher than Nasdaq’s 16%, gold’s 10,65%, and the U.S. M2 money supply’s 6% per year. Even considering gold’s limited supply, its performance reached only 12,88%.

Technical Targets and Forecasts

The nearest resistance level for Bitcoin is slightly above $130,000. Analysts, using a combination of power law models and quantile analysis, believe $200,000 is a realistic peak by the end of 2025. The base scenario still assumes a level of $120,000, but the current bull cycle phase could push the price higher.

In the long term, according to the same models, analysts estimate that by 2035 Bitcoin’s value could be in the range of $1.2 million to $1.5 million.

Context of the Recent Growth

On July 13, BTC rose to $122,500, becoming the fifth-largest asset in the world by market capitalization, surpassing Amazon. At that time, the growth was driven by increased institutional activity through exchange-traded funds and expectations of new regulatory decisions in the United States.

On July 17, the total cryptocurrency market capitalization exceeded $4 trillion for the first time following the U.S. House of Representatives’ approval of the GENIUS Act, which regulates stablecoins. The rally involved not only BTC but also altcoins, including Ethereum (ETH) and XRP.

According to Swyftx analyst Pav Hundal, the current market movement is linked to the assumption that the Federal Reserve will cut rates next month. However, if this does not happen, the consequences could be catastrophic.

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