Bitcoin Approaches Record High Amid Key Market Developments
Bitcoin hovers just 2% below its all-time peak as analysts anticipate new highs this week. Market watchers cite two major catalysts: the impending US trade tariff deadline and Washington D.C.’s upcoming ‘Crypto Week’ event, both expected to significantly impact market volatility.
Market Analysts Forecast Bitcoin’s Trajectory
Markus Thielen of 10x Research told Cointelegraph he expects Bitcoin to surpass its previous record this week or next, noting historically bullish post-July 4th market trends. John Bollinger, creator of the Bollinger Bands technical indicator, similarly predicts an upward breakout.
US Tariff Decision Looms Large
The July 9 deadline marks the potential resumption of reciprocal tariffs between the US and trading partners. UBS Global Wealth Management analysts suggest further delay might signal reluctance to impose tariffs, potentially boosting investor risk appetite.
Musk’s Comments and Market Momentum
Henrik Andersson from Apollo Capital highlighted Elon Musk‘s recent Bitcoin-related social media activity as indicating renewed interest. Meanwhile, Jeff Mei of BTSE exchange reported markets gaining strength as tariff negotiations extend.
Altcoins and Market Growth Outlook
Nick Ruck at LVRG Research sees potential in altcoins during the year’s second half, predicting increased volatility and price movements. Crypto markets added $50 billion in value over 24 hours, according to CoinGecko data.
