Bitcoin reached fresh all-time highs this week, fueling optimism among traders and analysts who believe the rally could drive prices significantly higher before the year ends.
At the moment, bitcoin (BTC) is trading close to $118,000, maintaining its position near record levels and setting the stage for possible further gains over the weekend.
On Friday, Eric Balchunas, Senior ETF Analyst at Bloomberg, announced via X that BlackRock’s spot bitcoin ETF (IBIT) had become the fastest exchange-traded fund in history to hit $80 billion in assets under management (AUM). For perspective, the previous record holder, Vanguard’s S&P 500 ETF (VOO), took 1,814 days to reach the same milestone.
Bitcoin set its latest all-time high at $118,667 during the session.
Speaking with CNBC and Yahoo Finance, Matt Hougan, Chief Investment Officer at Bitwise Asset Management, shared his bullish outlook, predicting bitcoin could rise above $200,000 before year-end.
Meanwhile, hedge fund manager James Lavish painted an even broader picture, comparing bitcoin’s potential price ceiling to the U.S. debt ceiling—suggesting there may ultimately be no limit to BTC’s long-term valuation.
Technical Market Insights
- Between July 11 at 11:00 UTC and July 12 at 10:00 UTC, bitcoin traded within a relatively narrow range of $1,633.46—roughly 1% of its value. The session’s peak reached $118,226.29, while the low fell to $116,592.83, according to CoinDesk Research’s technical analysis.
- The most significant market activity occurred earlier in the period, particularly around 13:00 and 15:00 UTC on July 11, when trading volumes surged above the 24-hour average of 7,291. These movements established key support around $116,726.00 and resistance at $118,226.00.
- After these sharp swings, bitcoin settled into a consolidation phase, trading primarily between $117,400.00 and $117,900.00. Toward the close of the session, BTC regained momentum, climbing back to roughly $118,025.00 and hinting at continued bullish sentiment.
- In the final hour—from 09:57 to 10:56 UTC on July 12—bitcoin experienced increased volatility. Prices fell sharply from $118,121.16 to a low of $117,835.74 around 10:14 UTC, before bouncing back into a consolidation zone between $118,000.00 and $118,070.00.
- The session illustrated classic technical dynamics, with significant volume spikes of 392.48 and 382.49 accompanying the rapid decline around 10:12–10:14 UTC, suggesting institutional involvement. The swift recovery above $118,035.00 on lighter volume signaled underlying buying interest and a sustained bullish outlook as the weekend approached.
