Bitcoin surged to a fresh all-time high of $118,900 on Friday, just one day after breaking its previous record of $113,822, continuing a powerful rally that has gripped markets.
At the time of publication, Bitcoin was trading around $117,400, a sharp rebound from its April low near $76,000 and a dramatic recovery from its August 2024 dip below $49,000.
The back-to-back records signal a significant resurgence for the world’s largest cryptocurrency. Market watchers say a run to $150,000 could trigger a broader wave of buying. Still, analysts caution that Bitcoin remains highly volatile and unpredictable. “Nobody really knows for sure what’s going to happen next,” the article notes.
Several catalysts are driving this latest rally, including President Donald Trump’s openly pro-crypto policies, which have drawn increasing attention from institutional investors—large players such as hedge funds and banks. These institutions have been steadily acquiring Bitcoin, betting that crypto will play a greater role in the financial system and boost long-term value.
In March, Trump signed an executive order establishing a strategic Bitcoin reserve, a move seen as a game-changer for the asset class.
The meteoric rise has triggered strong opinions from prominent market voices. Peter Schiff, a longtime Bitcoin skeptic and gold advocate, renewed his bearish stance. “With Bitcoin hitting new highs today (in dollars), it’s a great time to sell some and buy silver ahead of silver’s next big leg up,” Schiff posted Thursday on X. He claimed silver holds more upside potential than Bitcoin, warning that BTC “can easily crash, [while] silver’s downside seems very limited.”
On the other side of the spectrum, Arthur Hayes, co-founder of BitMEX, offered a more nuanced view in a Friday X post. He expressed short-term caution due to the U.S. Treasury General Account being refilled through debt issuance, which may temporarily reduce liquidity. Still, he remains optimistic: “[Ether] will outperform, get ready for a monster [altcoin season.]”
Tariff developments may also be contributing to Bitcoin’s climb. Hayes said that markets believe Trump may ultimately “chicken out” on his tariff threats. Meanwhile, his own fund, Maelstrom, is poised to reenter the market.
Erald Ghoos, CEO of the European division of crypto exchange OKX, framed Bitcoin’s rise as more than just hype: “Bitcoin’s surge to new highs isn’t just noise, it reflects its emergence as the ultimate digital macro hedge.” He added, “Amid rising global trade tensions, looming tariffs and a policy‑driven liquidity backdrop, institutions […] are treating BTC like a form of digital gold. With volatility at decade‑low levels and strategic ETF inflows accelerating, July is shaping up to be a defining moment.”
According to Nansen data, Bitcoin’s price has surged nearly 6% over the past 24 hours. As the momentum builds, investors are watching for what comes next.
Roshan Robert, CEO of OKX, emphasized Bitcoin’s strength in turbulent times. “Bitcoin is showing why it’s in a class of its own,” he said. “July will test markets, but Bitcoin looks built for it.”
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