Bitcoin soars to record above $112k, bulls now eye $150k

July 10, 2025 (MLN): Bitcoin surged to a fresh all-time high this week, briefly topping $112,000, buoyed by renewed appetite for risk assets, steady institutional inflows, and policy clarity from Washington, with some market watchers now setting their sights as high as $150,000.

The top cryptocurrency climbed to $112,152 late Wednesday, eclipsing its previous record near $112,000 set in May, and marking a roughly 20% advance so far this year. It last traded up 0.4% at $111,259.

The breakout came after two weeks of tight consolidation that had many analysts doubting Bitcoin’s strength to retest its former highs.

"See you at $150k," wrote Milk Road co-founder Kyle Reidhead on X, pointing to a “bullish cup and handle” pattern that he believes could propel Bitcoin to that milestone.

Momentum gathered pace after short liquidations totalling around $200 million forced traders to cover positions near key technical levels.

Additional support came from Treasury Secretary Scott Bessent’s confirmation that new tariffs will take effect August 1, which helped ease broader market volatility and pushed some investors toward alternative assets.

Elon Musk also gave the digital asset space a lift over the weekend, saying his new “America Party” would back Bitcoin, adding political tailwinds to the rally.

Corporate accumulation continues to build, with more firms following Strategy’s lead in allocating treasury funds to Bitcoin.

“Bitcoin is the only asset I am aware of where it becomes less risky as it grows in size,” noted Anthony Pompliano, CEO of Professional Capital Management. “Now that the asset is measured in trillions, almost every capital allocator on the planet can put the exposure on.”

Meanwhile, Trump Media & Technology Group, led by the U.S. president’s family, filed plans this week for an ETF that would invest in a basket of cryptocurrencies, including Bitcoin, ether, solana and ripple, underscoring growing mainstream adoption.

Bitcoin’s rally also spilled over into broader crypto markets. Ether surged to a one-month peak of $2,794.95, last up 5.4% at $2,740.99. Crypto stocks rallied, with Strategy (MSTR.O) gaining 4.7% to $415.41 and Coinbase Global (COIN.O) up 5.4% at $373.85.

Analysts say the surge highlights intensifying global demand for decentralized assets as investors seek returns in an environment of macro stability and clearer U.S. regulatory signals.

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