Bitcoin hits $120,000 as all-time high rally continues; analysts predict further upside as US ‘Crypto Week’ nears

The price of bitcoin broke above $120,000 for the first time in history, as sustained institutional demand and positive legislative developments in the U.S. fueled the rally.

The world's largest cryptocurrency traded above $120,000 on the Coinbase exchange at around 11:40 p.m. on Sunday. It is currently trading up 2.23% at $120,959 at the time of writing, according to The Block's bitcoin price page.

"Bitcoin has pushed to yet another all-time high, and it's not happening in isolation," said Rachael Lucas, Crypto Analyst at BTC Markets. "There's real momentum behind this rally, ETF inflows have surged past US$1 billion per day, and total assets under management have now crossed US$150 billion. That's over 6% of the entire bitcoin market cap now sitting in ETFs, which signals deep institutional conviction."

Lucas added that bitcoin price is benefiting from entering what's dubbed as "Crypto Week" in the U.S., where lawmakers will discuss and potentially advance key crypto proposals such as the CLARITY Act or the GENIUS Act that have been fuelling momentum in the market.

The CLARITY Act seeks to establish a clear regulatory framework for crypto in part through designating how the SEC and the Commodity Futures Trading Commission would regulate, which is something the crypto sector has been demanding for several years. The GENIUS Act aims to lay the legal groundwork for U.S. dollar-pegged stablecoins.

"As for where BTC goes next, the move above $120,000 opens the door to $125,000–$128,000 in the near term," Lucas told The Block. "If ETF demand continues and macro conditions remain supportive, particularly with US rate cuts back on the table, we could see bitcoin push even higher into the third quarter."

Spot bitcoin exchange-traded funds in the U.S. have witnessed a continuous stream of inflows in the past months, drawing in around $16.2 billion since April, according to SoSoValue data.

Jeff Mei, chief operating officer at BTSE crypto exchange, also predicted that long-term institutional buyers may drive bitcoin to $125,000 in the next month or two.

"Trump's trade disputes with the likes of the EU, Mexico, and other trading partners could cause dips in the week ahead, but it's likely that bitcoin's institutional buyers are discounting this risk and maintaining their positions that bitcoin will still appreciate in the long run," Mei said.

Lucas also said that the trend is likely to remain upward, while regulatory curveballs from the U.S. or delays in ETF approvals may dent the bullish momentum.

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