Bitcoin has reached new all-time highs this week, fueling optimism among analysts and industry insiders who believe the rally could push prices significantly higher by year-end.
Currently, bitcoin (BTC) is trading around $118,000, hovering near record territory and setting up the possibility of fresh highs over the weekend.
On Friday, Bloomberg Senior ETF Analyst Eric Balchunas announced on X that BlackRock’s spot bitcoin ETF (IBIT) has officially become the fastest ETF in history to reach $80 billion in assets under management (AUM). For comparison, Vanguard’s S&P 500 ETF (VOO) previously held the record, taking 1,814 days to hit the same milestone.
Bitcoin’s achievement came as it set a new all-time high of $118,667 during the session.
In interviews with CNBC and Yahoo Finance, Matt Hougan, Chief Investment Officer at Bitwise Asset Management, reiterated his firm’s bullish stance, forecasting bitcoin could surpass $200,000 before the year ends.
Meanwhile, hedge fund manager James Lavish painted an even more expansive picture, likening bitcoin’s potential price ceiling to the U.S. debt ceiling—suggesting that there may ultimately be no true upper limit for BTC’s valuation over the long term.
Technical Analysis Overview
- Between July 11 at 11:00 UTC and July 12 at 10:00 UTC, bitcoin traded within a relatively narrow band of $1,633.46—roughly 1% of its value. The price peaked at $118,226.29 and hit a low of $116,592.83, according to data from CoinDesk Research’s technical model.
- The most significant price action occurred early in the session, particularly around 13:00 and 15:00 UTC on July 11, when trading volumes surged past the 24-hour average of 7,291. These swings helped establish support near $116,726.00 and resistance around $118,226.00.
- After this initial volatility, bitcoin entered a period of consolidation, trading mostly between $117,400.00 and $117,900.00. Toward the close of the session, BTC regained strength, rising back to approximately $118,025.00 and indicating potential for continued upward movement.
- In the final hour of trading—from 09:57 to 10:56 UTC on July 12—bitcoin experienced heightened volatility. Prices fell sharply from $118,121.16 to a low of $117,835.74 around 10:14 UTC, before recovering to form a new consolidation zone between $118,000.00 and $118,070.00.
- The session highlighted classic technical patterns, with large volume spikes of 392.48 and 382.49 accompanying the rapid dip around 10:12–10:14. This suggests institutional involvement in the price action. The swift recovery above $118,035.00 on lighter volume points to underlying market strength and sustained bullish momentum as the weekend approaches.
