Bitcoin Price Hits New Record, Altcoins Gain Momentum: What's Next?

Bitcoin reached an all-time high of $124,130 in the early hours of Thursday morning. According to market data, the rally, which began from an intraday low of $119,000, surpassed the previous record of $123,300, pushing the total value of the cryptocurrency market to its highest level in history. Premium trading on some exchanges (Coinbase, Bitstamp) pushed the price even higher, with records of $124,130 also on the horizon.

According to experts, BTC has gained 3.4% in the last 24 hours and approximately 8% in the last week. This momentum is driven by easing global trade tariffs and increasing expectations of a September interest rate cut due to high core inflation in the US. With this rise, Bitcoin's market capitalization reached $2.46 trillion, surpassing tech giant Google (Alphabet) to become the world's fifth-largest asset. Analyst Rekt Capital emphasized the critical $126,000 level, stating that this level could open the door to a strong breakout. Venture capitalist Chris Burniske predicted a peak for Bitcoin in October, predicting that "BTC could reach $142,690." Burniske claimed that Ethereum could reach $6,900-8,000 during this cycle, while Solana could reach $420.

BTC Markets analyst Rachael Lucas emphasized that the influx of institutional capital was driving the record highs: "Public and private companies, as well as sovereign wealth funds, currently control 3.64 million BTC, representing more than 17% of the total supply."

Ethereum and the altcoin front

Ethereum also maintained its strong performance, reaching a four-year high of $4,770. This level is only 2.5% away from its all-time high of 2021. Rekt Capital stated that Ethereum could enter a period of price discovery if the $4,630 level becomes support. Bitcoin dominance falling below 60% has been interpreted as a sign of the start of altcoin season.

Selling Pressure from Long-Term Investors

However, blockchain data shows that more than 300,000 BTC has been withdrawn from long-term wallets in the last four weeks. Some wallets that had been dormant for years have become active and profit-taking. Glassnode reported that these sales, which reached record levels in July, continued, albeit at a slower pace in August.

Sam Gaer of Monarq Asset Management said, “While supply from older wallets limited the price increase, the market largely absorbed this pressure.” Furthermore, institutional investors selling call overwriting options at high prices has pushed volatility to historic lows.

Analysts note that a strong demand base has formed at $118,000 and that macroeconomic conditions remain supportive. Sentora's Gabriel Halm stated that 1.88 million addresses bought 1.3 million BTC at an average price of $118,000, preventing sharp pullbacks. Vtrader founder Steve Gregory stated that Ethereum investors could capitalize and return to Bitcoin, which could support a sustained price above $120,000.