Bitcoin Price Reaches Pivotal Moment—Is $120K Next?

In brief

Bitcoin surged past $118,000 with 6.2% daily gains Friday morning, marking a new all-time high with over $81 billion in trading volume.
The rally is driven by institutional confidence rather than retail traders, bringing long-term credibility to the crypto space.
Exchange flows hit a three-year low at $2.39 million, while analysts predict Bitcoin could reach $120,000 by month-end.

Bitcoin hasn’t stopped rising after breaking through to a new all-time high yesterday. As of this writing, BTC has surpassed $118,000 after having gained 6.2% in the past day, according to CoinGecko data.

More than $81 billion worth of Bitcoin has changed hands in the past 24 hours. Bitcoin hasn’t seen this kind of volume since January, ahead of President Donald Trump’s second inauguration, and in late February, when Bitcoin sank to $84,000.

Kushal Manupati, Binance’s regional growth and operations lead in South Asia, said it’s notable that this rally isn’t purely driven by retail traders.

“Bitcoin inching towards the $120,000 mark, hitting an all-time high at $118,000, marks a pivotal moment for the virtual digital assets industry,” he said in a statement shared with Decrypt. “Institutions are showing confidence to enter the space at scale, bringing not just liquidity but long-term credibility to the space.”

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Zooming out from crypto markets, analysts at Singapore-based crypto trading firm QCP Capital said the repeated cycles of tariff threats and postponements has left business sentiment unfazed by the latest round of trade letters going out from the White House.

And there’s an optimistic signal coming from precious metals—and no, it’s not gold.

“A key signal lies in copper prices, often referred to as Doctor Copper for their predictive power in macroeconomic health,” the analysts wrote in their latest note. “Prices have climbed alongside industrial demand and improving liquidity conditions.”

Sure enough, Copper Futures have picked up 8.42% in the past 5 days, according to TradingView.

bitcoin exchange flows cryptoquant — Source: CryptoQuant

Now that Bitcoin has found brand new price territory, traders are trying to gauge how long the euphoria will last. Exchange flows—the amount of BTC being moved onto exchanges, presumably for trading—have continued the steady decline they’ve seen since October.

They’ve now dropped to $2.39 million, according to CryptoQuant, the lowest figure in the past three years.

Ryan Lee, chief analyst at Bitget Research, said strong stock market performance, steady money supply, and the passage of the One Big Beautiful Bill Act are all flashing bullish for Bitcoin.

“Given these conditions, Bitcoin is well-positioned to break its previous high in July, with upside potential toward $120,000 by month-end,” he said.