Bitcoin set a new record high on Friday after jumping more than 6% in just a few hours earlier in the day.
The world’s largest cryptocurrency climbed above $118,000 for the first time in its history, after trading below $80,000 as recently as April.
The broader crypto market also posted strong gains, with Ethereum (ETH), Solana (SOL), and Dogecoin (DOGE) all rising more than 7%.
This new record lifted Bitcoin’s market capitalization to over $2.3 trillion, placing it ahead of tech giants like Alphabet (Google) and Meta, and even surpassing silver — though it remains a fraction of gold’s estimated $22 trillion market cap.
The exceptional rally began after U.S. President Donald Trump declared “Liberation Day” on April 2, triggering turmoil in traditional markets and driving both institutional and retail investors toward alternative assets like Bitcoin as a hedge against large-scale economic disruption.
Gadi Chait, Head of Investment at Xapo Bank, told The Independent: “Bitcoin has shattered expectations, breaking out from a quiet trading range into a full-on surge culminating in a record high.”
He added, “What’s happening behind the scenes is a frenzied institutional accumulation. What’s remarkable is that this steady flow of institutional capital has persisted despite extreme global economic uncertainty — a stress test many so-called ‘volatile’ assets have failed.”
The latest surge has fueled bullish forecasts. A recent Finder survey of 22 experts showed a median year-end price target of $145,167.
To reach that target, Bitcoin would need to rise another $27,000 in the second half of the year, after gaining nearly $25,000 in the first.
Kadan Stadelmann, CTO of Komodo and one of the survey participants, said: “We likely still have at least six months left in this bull cycle. If history repeats, I’d expect a peak in Q1 of 2026, followed by a bear market.”
Is Bitcoin Eyeing the $120K Milestone?
Bitcoin trading volume in the past 24 hours exceeded $81 billion — the highest since January, just before Trump was sworn in for his second term, and since the cryptocurrency dropped to $84,000 in February.
Kushal Manupati, COO and Regional Growth Lead at Binance South Asia, told Decrypt: “Bitcoin nearing the $120,000 barrier and hitting a record high of $118,000 marks a pivotal moment for the digital asset industry.”
He added: “Large institutions are now entering the market in force, adding long-term liquidity and credibility to the sector.”
From a broader perspective, analysts at Singapore-based QCP Capital noted that the market has grown largely unfazed by the White House’s repeated shifts in tariff policy. Business confidence remains firm, despite the latest statements from the Trump administration.
They pointed to a positive signal emerging from industrial metals markets — particularly copper, often called “Dr. Copper” for its economic forecasting reputation: “Copper prices are rising on stronger industrial demand and improved liquidity, a healthy indicator.”
What Comes Next?
As Bitcoin enters uncharted price territory, traders are now gauging how long the euphoria might last. Bitcoin inflows to exchanges — a key measure of how much BTC is being moved for trading — have continued to decline since October, currently sitting at just 2.39 million, the lowest level in three years, according to CryptoQuant.
Ryan Li, Senior Analyst at Bitget Research, said: “Strong financial market performance, stable money supply, and the passing of the ‘Big Beautiful Bill’ are all bullish signals for Bitcoin.”
He added, “Given these conditions, Bitcoin is in an excellent position to break past its previous highs in July, with a strong chance of reaching $120,000 before the month ends.”
