Bitcoin Breaks Through $110,000 to Reach New High—How Much Higher Can It Go?
Driven by multiple positive factors such as institutional buying, strong ETF inflows, and improving macroeconomic expectations, Bitcoin surpassed $110,000 for the first time this morning, setting a new all-time high.
Just this week, Bitcoin spot ETFs have seen net inflows for six consecutive days, accumulating over $1.5 billion in capital, raising their share of Bitcoin’s market cap to 6%. Institutions like Strategy continue to increase their positions, while newcomers such as Twenty One Capital keep entering the market. The “main player” in the crypto market is attracting more and more long-term capital.
At the same time, several traditional financial giants have raised their forecasts: Standard Chartered and Bernstein believe this bull run could push BTC to $200,000; Draper calls for $250,000; Arthur Hayes expects it to break $150,000 this year; and Blockstream CEO Adam Back predicts the top of this cycle will be between $500,000 and $1,000,000.
The most aggressive is BlackRock CEO Larry Fink, who once said Bitcoin’s price could ultimately reach $700,000, while Coinbase’s CEO even stated it could hit millions of dollars someday.
However, some rational voices urge caution: Bitcoin’s network data remains in a moderate range, with fast on-chain confirmation times and low fees, indicating the network is not yet congested; meanwhile, altcoins have yet to catch up, showing that market funds have not fully diffused. Although the current market is strong, risks in high-leverage areas are accumulating, and a liquidation wave could be triggered at any time.
Is this rally the start of a trend or the peak?
Perhaps more importantly, amid soaring expectations, it is crucial to clearly understand the market’s structural changes and calmly face the upcoming volatility and opportunities.