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Cryptocurrency News Articles

Bitcoin Has Stretched to Within Spitting Distance of Its Record $108,000 Price

May 12, 2025 at 07:19 pm

Bitcoin has surged to within spitting distance of its record $108,000 price, but market watchers bet that reaching the all-time high will just be the start

Bitcoin Has Stretched to Within Spitting Distance of Its Record $108,000 Price

Bitcoin price is nearing record highs again, and market watchers say that reaching the all-time high will just be the start, with traders, analysts, and Polymarket punters betting on the leading cryptocurrency to climb as high as $200,000 this year.

“The bull case for Bitcoin has never been stronger,” former Meta and PayPal executive David Marcus said in a post on X, formerly Twitter, as banks are now able to provide custody and offer it to their customers, and sovereign states and corporations are competing to buy.

“Buckle up.”

This is a stark contrast from just a month ago, when Bitcoin was trading near long-term lows around $75,000. However, the cryptocurrency has since rebounded to hit $60,000 on Thursday.

The shift comes on the back of news that the US and China have inched closer to ending their trade war and renewed interest from institutions in the sector.

Here’s a summary of what the market watchers are saying:

Standard Chartered’s top crypto researcher says that his second-quarter price target of $120,000 for Bitcoin may be too low.

“We may be forced to revise our 2Q 2024 price forecast of $120,000 higher following recent developments,” Geoffrey Kendrick, the UK bank’s head of digital assets research, wrote in a research note earlier in May.

Kendrick explained that investors have topped up their portfolios with Bitcoin to diversify away from US assets following US President Donald Trump’s tariff regime.

“The thinking goes that, faced with a choice between accumulating an asset that is subject to capricious administrative fiat or an asset that is fundamentally sound and has intrinsic value, investors will choose the latter.”

This demand has helped to push up the price of Bitcoin, which is now trading at levels not seen since November 2021.

Polymarket punters also back the case, with the majority of wagers clustered between $90,000 and $115,000, and the $110,000 level attracting the most interest as a potential peak for May.

More long-term, both Kendrick and Maelstrom CEO Arthur Hayes are among those who argue that Bitcoin will likely hit $200,000 by the end of 2025.

The easing tension between the US and China has also helped to fuel Bitcoin bullishness.

Both nations have agreed to a 90-day pause on new trade measures and will reduce reciprocal tariffs to a 10% baseline rate, down from levels of over 100%.

The move comes after months of tension between the two economic superpowers, sparked by Trump’s administration imposing tariffs on Chinese goods in an effort to reduce the US trade deficit with China and force the country to change its trade practices.

The agreement will also alleviate fears of a global recession, with markets responding positively to the news.

US stock futures surged, the dollar strengthened, and investor sentiment improved, creating a more favorable environment for risk-on assets like Bitcoin.

“Buy everything! Chi-Merica lives!” Hayes said in a post on X.

The macroeconomic backdrop is also shifting in Bitcoin’s favor, with a wave of liquidity driven by monetary policy shifts, particularly in China, converging with a return of institutional interest.

The People’s Bank of China recently cut its reserve requirement ratio and lowered key short-term interest rates, injecting approximately $1 trillion into the financial system.

This liquidity surge has acted as a "dollar wrecking ball in reverse," weakening the dollar and providing cover for other central banks to ease monetary policy without risking capital flight, according to the analysts from the London Crypto Club.

"We are set to see new record highs across the board over the coming weeks and months," they wrote in a recent note.

As for institutional interest, companies like Strategy have been steadily gobbling up Bitcoin, and analysts at VanEck highlighted the cryptocurrency’s growing role in international trade.

According to the analysts, countries like Russia and Venezuela are increasingly using Bitcoin to circumvent sanctions and hedge against dollar risk.

“We believe that over the longer term, institutions will come to view Bitcoin as a critical portfolio asset, especially as they try to navigate a more complex and uncertain economic landscape,” said BlackRock’s Robbie Mitchnick.

Mitchnick added that institutions are interested in Bitcoin as a hedge against downside risk events and a diversifying asset in a low-return, high-inflationary environment.

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