Here’s why Bitcoin hit an all-time high and can run to $120k

Bitcoin recently broke its all-time high, and experts believe that a move to $120,000 could be possible.

On July 10, Bitcoin (BTC) reached $113,833, breaking its ATH for the second day in a row and causing a boom in the entire market. Now, bullish momentum is building, crypto analysts from B2BINPAY shared with crypto.news. Moreover, altcoins could be the biggest winners in this cycle.

After weeks of trading around $106,000 and $110,000, Bitcoin finally broke through a key level at $112,000. According to analysts at B2BINPAY, this also led to over $280 million in liquidations in just one hour.

“Bitcoin’s latest breakout above $112,000 confirms the market has broken out of its ‘indecisive’ phase,” B2BINPAY analysts said, adding that “there’s clear evidence of renewed spot demand and conviction buying,” they added.

Bitcoin is now at multi-year highs in terms of dominance, which has reached 64%. Strong ETF demand, exchange outflows into cold storage, and corporate treasuries are all giving bullish signals for the Bitcoin market.

“Structurally, the chart now points toward the $115,000-$120,000 zone, with strong momentum behind it,” B2BINPAY analysts.

Will altcoins follow Bitcoin’s rally?

With Bitcoin’s dominance at multi-year highs, questions arise about the opportunity for altcoins. While capital remains concentrated in Bitcoin, altcoins may have a major opportunity for a rally. According to B2BINPAY analysts, a potential altcoin rally will likely come down to macroeconomic factors.

“Right now, the trend favors Bitcoin. But just beneath it, altcoins are quietly positioning for a late-summer rotation,” B2BINPAY analysts stated. “But if macro shocks hit (a hawkish Fed pivot or geopolitical escalation), Bitcoin could spike in dominance as risk appetite vanishes,” they added.

While Bitcoin remains relatively resilient when it comes to macro shocks, altcoins are much more sensitive. Any development that lowers risk appetite among traders will likely have a major negative effect on the altcoin market.