Bitcoin (BTC) wrote another milestone on August 11th morning, with the current price around $121,367, rising 3.8% intraday, officially stabilizing at the $120,000 mark. This is the most impressive single-day closing price this year, lifting bullish market sentiment to a high point.
Wall Street Giant: Will Surge to $250,000 Level
Due to the fierce market rally, according to Coinglass data, the liquidation amount within 24 hours reached $370 million, with $60 million liquidated for Bitcoin in just one hour. Fundstrat co-founder and BitMine Chairman Tom Lee optimistically stated that Bitcoin might reach $250,000 in 2025.
Three Major Driving Forces Behind $121,400 Mark
First, the regulatory environment is becoming clearer. The US Congress recently showed a friendly attitude towards crypto assets, opening a green light for multiple Bitcoin ETFs and lowering institutional entry barriers. Second, institutional funds continue to increase positions. Since the April halving, miner selling pressure has declined, accompanied by retirement funds and family offices' fixed investments, consolidating the bullish structure. Third, the global macro environment remains loose, with inflation and geopolitical risks boosting hedging demand, benefiting Bitcoin alongside gold. Technically, the July monthly high of $115,800 has now become support, with the market generally viewing $133,000 as the next resistance level.
In summary, this is the result of regulatory, funding, and supply forces resonating together. Meanwhile, the circulating liquidation rumors contrary to the market trend remind investors to verify information before trading, not being scared away by "big numbers" or lured into a trap, which is key to participating in this bull market. In the coming weeks, investors should continue to pay attention to ETF increments, changes in miner holdings, and potential impacts of inflation data on capital flow, and continuously adjust risk positions.
