After nearly 50 days of anemic price action, Bitcoin, the bellwether coin, finally hit a new record peak of $112,040 at 19:54 UTC on the Bitstamp exchange.
The cryptocurrency surpassed its previous all-time high of $112,000 that was achieved in March.
In late July, Bitcoin briefly slipped to the $98,000 level, but bulls managed to remain in control.
The cryptocurrency started this month on a high note, surging to nearly $110,000 on July 2. After taking some respite, Bitcoin has now logged a new record high, extending its bull run into the third quarter of the year.
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Nearly $430 million worth of short positions have been liquidated over the 24 hours, with the lion’s share of that sum ($280 million) being wiped out just over the past hour.
How high can Bitcoin surge this year?
Anthony Scaramucci of SkyBridge Capital believes that Bitcoin could reach $200,000 this year. The prominent financier made the bullish prediction last December.
Standard Chartered also has the same target for the fourth quarter of 2025, expecting strong institutional demand and corporate treasury purchases to propel the leading cryptocurrency higher.
As reported by U.Today, Fundstrat’s Tom Lee predicted that Bitcoin could soar to as much as $250,000 this year. Venture capitalist Tim Draper is convinced that Bitcoin will be able to finally hit that price milestone this year after several misses.