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The leading cryptocurrency Bitcoin (BTC) surpassed its previous ATH for the first time yesterday after a difficult 4 months and reached a new ATH.
Bitcoin continues to break records, rising above $111,000 in the morning hours.
While it is stated that the new record in BTC is due to the increasing interest of institutional investors, the rally is expected to continue.
At this point, Presto Research analyst Min Jung said that Bitcoin’s recent rise above $111,000 was largely driven by institutional accumulation, with major firms such as Strategy, Metaplanet, and Twenty One Capital making the biggest contributions.
Jung noted that this cycle is different from other bull cycles, arguing that this cycle is driven by long-term institutional capital, unlike previous bull runs that were dominated by retail speculation.
Despite the new records, the bull run is still in its early stages, Jung said, adding that the current uptrend is a sign of broader institutional adoption and he expects the rally to continue.
“Bitcoin’s surge above $111,000 is driven primarily by treasury holdings from firms like Strategy, Metaplanet, and Twenty One Capital.
“Unlike previous bull runs, this rally appears to be fueled by institutional and long-term capital rather than retail speculation.”
Jung finally added that they expect Bitcoin to reach $210,000 by the end of 2025.
Bitcoin continues to trade at $110,620 at the time of writing.
*This is not investment advice.
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