Bitcoin Smashes $110K—Now What? Bulls Eye $150K or Brace for a ’Healthy Correction’
Bitcoin just ripped past $110,000 like a Wall Street intern ignoring risk models—so where’s the rocket ship headed next? The crypto crowd’s split: die-hard hodlers are mapping a path to $150,000, while skeptics whisper about a 30% pullback to ’rebalance the leverage casino.’
Here’s the playbook: watch institutional inflows (or lack thereof), monitor mining hash rate for network health, and—let’s be real—pray Elon doesn’t tweet. Meanwhile, traditional finance guys are still ’waiting for regulation’ while missing another 100% rally. Classic.
Bitcoin breached a new all-time high, surging past $110,000 on Thursday.
The OG crypto token broke through the $100,000 mark for the first time in December last year and hit a record high of a touch above $109,000 on the day of Trump’s inauguration in January.
However, since then, Bitcoin took a beating, falling to a low of $75,000. In May, the crypto surged again, threatening to break past the January high several times and finally doing so early on Thursday.
While the narratives supporting the crypto token are widely known, the real question now is whether risk-on or risk-off sentiment is boosting Bitcoin.
Previously, a run-up in big tech stocks boosted the token, and then safe-haven demand pushed bitcoin higher in line with gold.
The debate of what is boosting the largest crypto continues to grow. The other important question is what is next for Bitcoin after hitting $110,000 for the first time.
Tony Sycamore, market analyst at IG, noted that the latest surge to ATH suggests that Bitcoin’s fall to below $80,000 was a mini ’correction within a bull market.’
He noted, "A sustained break above $110,000 is needed to trigger the next leg higher towards $125,000."
According to K33’s latest analysis, the price action will surpass the usual summer slump.
Even before the latest ATH, Standard Chartered Bank analyst Geoffrey Kendrick had said the $120,000 target by the end of the current quarter was an underestimation, suggesting more upside.
The sentiment in the market and investors’ actions can be influenced by the forecasts provided by prominent financial institutions. Confident price forecasts from traditional financial institutions regarding cryptocurrencies often enhance the asset class’s standing with institutional investors.
This is reflected in the price action, and options traders bet on $300,000 for Bitcoin.
Traders’ expectations can be better understood by looking at the options market. Deribit is the biggest crypto derivatives market.
The most popular Bitcoin call options have strike prices of $120,000 and $300,000 with June 27 expiration dates, meaning there is a lot of bullish emotion.
ETF inflows of more than $4 billion in May alone indicate that the current rally is sustainable. Price forecasts for 2025 indicate that Bitcoin can reach $150-180K by the end of the year.
The unprecedented interest in Bitcoin among institutional investors has supported the price increase significantly. Nearly every trading day in May saw capital inflows into US-listed spot Bitcoin ETFs, bringing the total to around $4.2 billion.
With a combined asset value of nearly $40 billion, these investment vehicles show that institutional investors are becoming increasingly confident in Bitcoin as an asset class.
Bitfinex Head of Derivatives Jag Kooner hinted at a potential climb toward $114,000 to $120,000 in the coming weeks, saying that the new high was reached following "a near-flawless setup" supported by geopolitical de-escalation, an improved regulatory environment, and macro boosts.
Michael Saylor’s Strategy has accumulated over $50 billion in Bitcoin, and that increase in the number of tokens held by the firm is noteworthy and another boost for the token.
Earlier this month, Binance’s founder, Changpeng Zhao, widely known as CZ, predicted that the Bitcoin WOULD soar to $500,000 to $1 million.
While those bets seem like speculative dreams, the surge in Bitcoin over the last two years suggests that any number is a real possibility.
While many analysts who had previously bet that the current bull cycle for Bitcoin was over are now making a U-turn, they are looking at the token soaring to new all-time highs (ATHs).
Ki Young Ju, the CEO of CryptoQuant, has shifted his stance and tone. He acknowledges that he mistakenly believed the Bitcoin bull cycle had concluded two months prior.
If Bitcoin’s performance in May continues into June, it may validate BTC’s historical trends. Traditionally, the second quarter has shown positive momentum for Bitcoin.
The token has experienced a 28% increase this quarter, marking its fifth-best performance since 2013.
With Bitcoin at $110,000 and counting, new forecasts show even higher figures for this year.
That comes even as the debate rages on whether Bitcoin is a pro-risk asset or a SAFE haven. Regardless, institutional investors are clearly backing the asset as a new alternative to the dollar, indicating its potential for growth.
Elsewhere
Bitcoin Blasts Past $110,000 to New All-Time High Amidst Institutional InflowsUnlike previous bull markets characterized by retail mania, today’s rally reflects growing institutional confidence, underpinned by maturing infrastructure and regulatory clarity.
Singapore & the Future of Crypto (11 June)
Join us for a compelling fireside chat on 11 June with Jeremy Tan, entrepreneur and independent GE2025 candidate, as he sits down with Saad Ahmed, Head of APAC at Gemini, to explore what Bitcoin really is, why it matters, and how it could help shape the future of Singapore — and its people.
Whether you’re new to Bitcoin, curious about crypto, or eager to understand where the future of money is headed, this is your chance to gain clear, honest insights. No jargon. No hype. Just practical knowledge for everyday Singaporeans.
The event is free to attend, though seats are limited and subject to confirmation. If not approved, you’ll still receive a livestream LINK to attend online. Apply early to secure your spot!
Blockcast
This week we have a special guest, Jeremy Tan, the independent candidate for Mountbatten SMC who garnered a surprising 36% of the vote in Singapore’s general election by centering his campaign on, among other things, Bitcoin adoption. Jeremy discusses his motivations for bringing Bitcoin into the political arena, highlighting the need for Singapore to consider it as a hedge against US dollar instability, and addresses the Monetary Authority of Singapore’s (MAS) cautious stance on crypto, suggesting a disconnect between the official narrative and behind-the-scenes activity.
Blockcast is hosted by Head of APAC at Ledger, Takatoshi Shibayama. Previous episodes of Blockcast can be found here, with guests like Alex Ryvkin (Rho), Hassan Ahmed (Coinbase), Sota Watanabe (Startale), Nic Young (Oh), Jacob Phillips (Lombard), Chris Yu (SignalPlus), Kathy Zhu (Mezo), Jess Zeng (Mantle), Samar Sen (Talos), Jason Choi (Tangent), Lasanka Perera (Independent Reserve), Mark Rydon (Aethir), Luca Prosperi (M^0), Charles Hoskinson (Cardano), and Yat Siu (Animoca Brands) on our recent shows.
