Bitcoin ($BTC) has recently been recording notable price spikes. As per the new market data, after successfully surpassing the psychological $110K mark, Bitcoin ($BTC) is eyeing $120K as the market momentum is growing. This remarkable price surge indicates Bitcoin’s significant potential, and speculations are rising about further massive upturns.
Bitcoin ($BTC) Outcompetes Former ATH of $109K
On May 21, the top crypto asset reportedly surged to the $110K mark while outpacing its previous all-time high price of $109K. This triggered a broad bullish momentum, and Bitcoin ($BTC) continued its upward price trajectory. Subsequently, the market analysts consider $120K to be the next price target for Bitcoin ($BTC) as its price is continuously growing.
Price Surges above $111K as Investor Sentiment Keeps Building
At the moment, Bitcoin ($BTC) is changing hands at $111,466.77. This denotes a substantial price increase of 4.20% over the past 24 hours. In addition to this, over the past seven days, the flagship crypto asset has jumped by 8.32% in total. Apart from that, the 1-month price performance of Bitcoin ($BTC) presents a staggering 26.36% upsurge.
Complementing this, the 24-hour volume of Bitcoin shows 80.99% at $90.07B. This groundbreaking performance of Bitcoin ($BTC) makes it distinctive in comparison with other crypto assets and conventional currencies like the U.S. dollar. Similarly, the physical assets like gold also lag when it comes to the extent of value increase. As a result of this, a large-scale shift from USD and traditional currencies to Bitcoin is anticipated.
$120K Serves as Next Price Target
As per the market onlookers, the current optimism is boosting the speculation for Bitcoin’s likely uptrend to new heights. Today, Bitcoin ($BTC) is reportedly looking at $120K as the immediate price target. However, amid the increased volatility, the investors need to be vigilant and cautious. Overall, 82% of the $BTC traders are bullish, showing confidence in more price upswings in the near term.
