Bitcoin recently reached a new all-time high (ATH), and experts think it could keep rising, possibly reaching $120,000. On July 10, Bitcoin (BTC) hit $113,833. This broke its previous record, and it did so two days in a row. As a result, the entire market saw a big increase. Crypto analysts from B2BINPAY, saying that the momentum for Bitcoin is still growing. They also mentioned that altcoins might see big gains as well.
Bitcoin had been trading between $106,000 and $110,000 for weeks. But, it finally broke through a key level at $112,000. After that, over $280 million worth of positions were liquidated in just one hour. This showed that there was strong movement in the market. “Bitcoin’s latest breakout above $112,000 confirms the market has broken out of its ‘indecisive’ phase,” B2BINPAY analysts said. “There’s clear evidence of renewed spot demand and conviction buying,” they added.
Now, Bitcoin is at multi-year highs in terms of market dominance. Bitcoin’s dominance has reached 64%. Strong demand for Bitcoin-based exchange-traded funds (ETFs), exchange outflows into cold storage, and large companies adding Bitcoin to their treasuries are all sending bullish signals for the Bitcoin market. “Structurally, the chart now points toward the $115,000-$120,000 zone, with strong momentum behind it,” B2BINPAY analysts noted.
Will altcoins follow Bitcoin rally?
With BTC’s dominance at such high levels, many are wondering what will happen with altcoins. Even though Bitcoin still holds the largest market share, altcoins may have a chance to rally as well. According to the analysts at B2BINPAY, the future of altcoins depends on the broader economy.
“Right now, the trend favors Bitcoin. But just beneath it, altcoins are quietly positioning for a late-summer rotation,” B2BINPAY analysts explained. “But if macro shocks hit (like a more aggressive Federal Reserve or geopolitical issues), Bitcoin could spike in dominance as risk appetite disappears,” they said.
While Bitcoin remains strong even during tough times, altcoins are much more sensitive to these shocks. Any major development that lowers the willingness of traders to take risks could negatively impact altcoins.
