Bitcoin’s recent rally has seen the leading digital asset breach $122,000, though it still falls short of its July 2025 peak of $123,000.
According to CryptoSlate’s data, Bitcoin rose by over 3% in the past 24 hours, reaching a high of $122,321 before slightly retracing to $120,749 at the time of writing.
Despite the minor pullback, Bitcoin has already reached new all-time highs in several global markets, surpassing previous records in local currencies.
According to CoinMarketCap data, Bitcoin has breached the £90,000 mark in the UK and reached new highs in countries like Canada, Japan, India, Argentina, Nigeria, and Pakistan.
Vincent Liu, CIO of Kronos Research, told CryptoSlate that this performance shows that global liquidity and momentum are strengthening across markets.
According to him:
“[Bitcoin is] already hitting new peaks in pounds, pesos, and other fiats. With shifting currency dominance beyond the dollar, global liquidity and momentum are strengthening across global markets.”
When will Bitcoin break another high in USD?
Considering Bitcoin’s global performance, Praevisio, a Bitcoin analyst, remains bullish on BTC’s future price.
Praevisio noted that Bitcoin’s recent uptrend has swept up all resting liquidity, created a large CME gap on the way up, and established fresh demand zones.
Due to this, Praevisio’s monthly outlook for the top crypto is positive. He forecasts a 90% chance of BTC reaching $131,000 this month and estimates a 23% chance of revisiting the monthly low.
On the other hand, analysts at Bitunix exchange told CryptoSlate that macroeconomic factors, including the upcoming release of the Consumer Price Index (CPI) and Moody’s potential recession forecast for the US, could impact market sentiment and shift BTC’s price trajectory in the short term.
Nonetheless, Bitunix analysts believe that if BTC maintains its strong volume and closes above $120,000, it could target $124,000 to $127,000 next.
Conversely, should Bitcoin fail to hold the $120,000 support or form a long upper wick, a retracement to $116,000 to $114,000 is likely.
The post Bitcoin hits new all-time high in multiple markets globally, eyes $131,000 in August appeared first on CryptoSlate.
