Bitcoin Surges Past All-Time High, Eyes $120,000 Milestone
Bitcoin (BTC) has shattered it’s all-time high, reaching $113,833 on July 10. This marks the second consecutive day of record-breaking performance, igniting excitement across the crypto market. Analysts from B2BINPAY, as reported by crypto.news, predict that Bitcoin could soar to $120,000.
After weeks of fluctuating between $106,000 and $110,000, Bitcoin finally surged past the critical $112,000 mark. This breakout led to over $280 million in liquidations within an hour. Analysts believe this confirms the market’s shift from indecision to a bullish stance.
Bitcoin’s dominance has reached a multi-year high of 64%, fueled by strong ETF demand, exchange outflows, and corporate investments. The chart now points towards the $115,000-$120,000 range, with robust momentum.
But what about altcoins? With Bitcoin’s dominance, altcoins might seem overshadowed. However, B2BINPAY analysts suggest a late-summer rotation could benefit altcoins. This depends on macroeconomic factors. If macro shocks occur, like a hawkish Fed pivot or geopolitical tensions, Bitcoin’s dominance could spike as risk appetite wanes.
While Bitcoin remains resilient to macro shocks,altcoins are more sensitive. Any event that reduces risk appetite among traders will likely negatively impact the altcoin market.
