Bitcoin (BTC) surged to a new high this morning. At approximately 10:40 Hanoi time, the world's largest cryptocurrency surpassed $120,000. Just 5 minutes later, it set a new record, peaking at over $121,209. The price is currently fluctuating between $120,500 and $120,800, almost 3% higher than the same time yesterday.
Since the beginning of the year, BTC has risen nearly 30%, equivalent to approximately $27,800. Over the past 7 months, it has set 3 record highs, each consisting of multiple consecutive peaks.
This surge follows US President Donald Trump's decision to impose 30% tariffs on the EU and Mexico, starting 1/8. CoinDesk analysts suggest this new record signifies Bitcoin's successful breakthrough after two days of overbought signals from short-term indicators.
The focus now shifts to US inflation data expected this week. Many predict living costs will rise in June amid the Trump-initiated trade war.
According to market data platform FactSet, economists expect the Consumer Price Index (CPI) to increase by 0.25% from the previous month, equivalent to a 2.6% annual increase. Core CPI, excluding volatile items like food and energy, is projected to rise 0.3% from May and 3% from the same period in 2024.
Risk assets, including Bitcoin, could be affected if inflation accelerates, delaying the US Federal Reserve's (Fed) interest rate cuts. However, many investors believe cryptocurrency still has strong momentum, driven by increasing acceptance from businesses and financial institutions, continued inflows into ETF funds, and a positive legal outlook in the US.
CoinDesk quotes John Glover, CEO of cryptocurrency-based financial services company Ledn, stating that Bitcoin's momentum could push it to $136,000 by the end of the year. Current market developments are shortening the time needed to reach this milestone. He previously predicted this figure for Quarter I/2026, but now expects it by the end of this year.
On the derivatives market prediction platform Kalshi, many investors are pricing Bitcoin at $141,000 by year-end. Observers are also optimistic about the US House of Representatives announcing next week as "cryptocurrency week," with a July 16th hearing titled "Making America the Cryptocurrency Capital of the World." Traders anticipate concrete signals after months of legal quiet.
Matt Hougan, Chief Investment Officer of Bitwise Asset Management, even shared with CNBC his expectation that BTC will exceed $200,000 by the end of the year. The primary reason is the recent surge in demand from financial institutions coupled with Bitcoin's limited supply. Bitwise Asset Management is the world's largest ETF fund manager in the cryptocurrency sector, managing over $10 billion at the end of last year.
Tieu Gu
