Bitcoin approaches $120k mark: analysts predict new rally

BTC has broken through $118K and is ready for new growth. Source: Finshots

Bitcoin is storming to the top again, with the BTC price surpassing the $118,000 mark on Friday, amid growing investor optimism and favourable macroeconomic conditions.

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The bullish bias is intensifying after signs of slowing inflation in the US and expectations that the Fed will not raise rates. Analysts are talking about "ideal conditions" for the start of a new uptrend, especially given the continued capital inflows into bitcoin-ETFs and increased interest from institutional investors.

Current bitcoin exchange rate (BTC-USD). Illustration: Yahoo! Finance

The cryptocurrency market as a whole also shows moderate growth: etherium exceeded $3,000, and altcoins are correcting upwards along with the flagship. It is expected that with continued macroeconomic stability and interest in digital assets, bitcoin could test the $120,000 level - and that doesn't look like madness anymore. Some analysts, however, warn of a possible "overheating" in the short term, especially in the event of profit taking by major players.

Source: Bloomberg