The cryptocurrency market resumed its rally this week as almost all of its top assets broke from bearish pressure to bring about great returns. Bitcoin, the largest cryptocurrency by market capitalization, led the movement by setting records. Ethereum and other top altcoins returned prominent profits with a surge similar to the beginning of another Bull Run.
Bitcoin surpassed its previous all-time high of $112,000, hitting a record price of $118,404 on Friday morning, according to TradingView data.
Crypto analysts made this note on his podcast, but while most top cryptos have spiked the Bitcoin trajectory significantly, no one has yet achieved their own ass at the time of the presentation.
Analysts will then serve as $170K BTC target
In the meantime, Crypto analysts said they expect Bitcoin prices to rise significantly. He described the latest surge as a breakout, predicting that cryptocurrency would continue to rise until it reaches $140,000 to $170,000.
Related: Bitcoin (BTC) price forecast for July 12th
The reasons for analysts aiming to increase Bitcoin prices include demand for Bitcoin spikes compared to declining supply.
BTC supply is narrowed from the institution purchase
Analysts noted that the Bitcoin Treasury purchased $160 billion in Bitcoin, worth $17.4 billion in Q2 2025.
Spot ETF publishers such as BlackRock and Fidelity also contributed to the growing demand for Bitcoin. Reports say the Spot ETF acquired 111,411 BTC, while the miners only won 40,950 bitcoins in the same period.
Related: Bitcoin has set a new all-time high of over $116.5K overall, supported by institutional demand
Despite Bitcoin’s latest achievements, most analysts believe that cryptocurrency rally is just beginning. Fox’s business analysts say Bitcoin is “coiled like spring,” with the $170,000 region representing its short-term target.
According to analysts, Bitcoin has been consolidated over the past few months and is ready to catch up with other stocks already trading at new highs.
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