Bitcoin (BTC) Reaches New All-Time Highs Against Turkish Lira (TRY) and Argentine Peso (ARS)

Bitcoin (BTC) has reached a new all-time high against both the Turkish Lira (TRY) and the Argentine Peso (ARS), sparking speculation

Bitcoin (BTC) price hit a new all-time high against both the Turkish Lira (TRY) and the Argentine Peso (ARS) today, August 28. Given BTC’s latest rally, market watchers are increasingly optimistic that the coin will soon reclaim its dollar ATH as well.

According to the latest data from Google Finance, the BTC/TRY pair touched a record peak of 4.09 million TRY (roughly $105,000) in the early Asian trading hours. Similarly, in Argentina, the BTC/ARS pair reached an all-time high of 119.1 million ARS (approximately $105,600).

However, BTC’s varying “all-time highs” might speak more about these fiat currencies than they do about Bitcoin. This surge comes amid the ongoing devaluation of both TRY and ARS. Notably, inflationary pressures have significantly impacted the currencies.

“Turkey seems to always lead. When fiat is dying faster that’s what happens,” an analyst observed on X.

Data from Trading Economics reveals that Turkey’s inflation rate has remained a significant concern. As of April 2025, the annual inflation rate stood at 37.8%. For Argentina, the situation isn’t any different.

“The country’s inflation rate remains high, with projections indicating a potential 110% by the end of the quarter,” another analyst pointed out.

When inflation is high, the purchasing power of the local currency declines. This, in turn, prompts people to seek assets that can preserve value, such as Bitcoin.

This shift can drive up demand for Bitcoin, pushing its price higher in those specific markets.

This trend was also observed in the BTC/USD pair. The rising inflation concerns and the falling US Dollar Index (DXY) pulled the coin from its Liberation Day lows to over the $100,000 mark.

Moreover, after the US-China tariff deal, Bitcoin also reclaimed the $105,000 mark for the first time since January 31.

At the time of writing, BTC’s price adjusted to $104,277, just 4.0% below its ATH of $108,786.

Analysts Predict BTC Price Could Soar to $150,000

Analysts predict that the current rally can continue, eventually pushing BTC to or above its peak. In a recent X post, crypto analyst Edward Gofsky highlighted the correlation between the global M2 money supply and Bitcoin’s price movements.

Gofsky suggested that the recent increase in M2 could signal a rise in Bitcoin’s price, potentially pushing it to new all-time highs.

“Final measured technical target of the current move off the $69,000 backtest is between $140,000 and $150,000,” Gofsky asserted.

Another analyst, Lark Davis, pointed out that despite BTC’s recent highs, retail interest remains minimal. This is evident from Google Trends data, where search interest in “Bitcoin” has been decreasing since November 2024.

“That’s how you know the pump is just getting started,” Davis stated.

Institutional interest is another catalyst that could fuel BTC’s rise. BeInCrypto previously reported that Metaplanet executed a massive purchase, adding 1,241 BTC at an average price of $98,948 to its holdings for a total of $126.7 million.

Furthermore, rumors are swirling about more purchases from the likes of Strategy’s CEO Michael Saylor, who has been a vocal supporter of Bitcoin and is known for his large-scale investments in the cryptocurrency.

“Michael Saylor about to buy billions worth of Bitcoin. New all-time high is coming!!'

Last week, Standard Chartered also forecasted that institutional investments and ETF inflows could push BTC to $120,000 in Q2.

The long-term outlook appears even more bullish. Analyst Josh Mandell predicts that BTC could surge to $444,000 by Q2 2026. According to Thomas Young, Managing Partner at Rumjog Enterprises, this would mark “a monetary regime shift.”

“This isn’t just a bull run. $444,000 Bitcoin means: A broken trust cycle, the start of post-fiat finance, Bitcoin as global neutral collateral,” Young stated.

He identified several driving factors for this scenario, including savers and investors abandoning fiat currencies en masse, a potential bond market breakdown, a booming year for institutional Bitcoin adoption, global South nations like Brazil making surprising moves to adopt Bitcoin, and an ensuing retail mania as the media pivots attention back to crypto.