Bitcoin could be heading to $150,000 after spiking to a new all-time high of $112,000 on Wednesday, according to a Bitcoin bull.
“See you at $150k,” Milk Road co-founder Kyle Reidhead said in an X post on Wednesday, referencing a previous post in late June showing a “bullish cup and handle” formation that he said will push Bitcoin (BTC) to $150,000.
The optimism follows two weeks of tight consolidation, which saw many analysts concerned Bitcoin may not have the strength to pass its former record high in May.
Bitcoin’s much-needed boost
The new all-time high appears to have come at good timing.
Just hours before Bitcoin’s new high, economist Timothy Peterson told Cointelegraph that if Bitcoin doesn’t hit new highs within the next two weeks, the asset likely won’t be able to come close until October.
Market sentiment is increasing, too. The Crypto Fear & Greed Index, which measures overall crypto market sentiment, spiked 5 points to a “Greed” score of 71 out of 100.
The Crypto Fear & Greed Index is now sitting at the same score it was 30 days ago. Source: Alternative.me
Meanwhile, the CoinMarketCap Altcoin Season Index signals the market is still heavily favoring Bitcoin, with a “Bitcoin Season” score of 26 out of 100.
From a technical standpoint, Bitcoin appears to have broken out of its recent downtrend, according to crypto analyst Matthew Hyland. “BTC confirms daily higher-high and confirms an end to the downtrend that started in late May,” Hyland said in a post on Wednesday.
“Bulls are in control,” Hyland said.
Bitcoin is currently trading at $111,383, according to TradingView data.
📈The Cointelegraph Markets Show!
🔥 Burning question: Will Bitcoin hit $150K by year-end or is it just hopium?@HorusHughes and @bitcoinwallah join @rkbaggs to break it all down in 15 minutes or less on this week’s episode.https://t.co/YVesqoLwnA
— Cointelegraph (@Cointelegraph) July 9, 2025
In comments sent to Cointelegraph, eToro analyst Josh Gilbert said, “This is the first real bull market where institutional participation is front and center.”
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