Bitcoin surge to $122K was ‘just a matter of time’ — Analyst

The terms of Bitcoin changeable supra $122,000 connected Monday, gathering connected momentum from a bullish enforcement bid successful Washington and 3 consecutive days of spot Bitcoin exchange-traded money inflows to adjacent retired past week.

Henrik Andersson, main concern serviceman of Apollo Crypto, said the determination was overdue pursuing a period of consolidation.

“In our presumption it was conscionable a substance of clip earlier it would interruption up. In this clip we person seen affirmative ETF flows, much treasury companies buying Bitcoin and a fig of affirmative developments coming retired of the White House.”

Bitcoin (BTC) soared implicit 3.3% to $122,150 successful the aboriginal hours of Monday morning, moving it wrong striking region of its $123,000 all-time high, TradingView data shows. 

“Bitcoin has been stuck successful a low-volatility set betwixt $115,000 and $120,000 contempt each the bully news,” helium told Cointelegraph.

While nary wide catalyst appears to beryllium down Bitcoin’s abrupt two-hour climb, US President Donald Trump’s expected executive order to perchance let cryptocurrency successful 401(k) status plans has been seen arsenic a boost for the industry. 

The bid is important arsenic it could unfastened different $9 trillion of funds to travel into Bitcoin and the broader crypto industry.

There’s besides much Bitcoin buying connected the horizon. Michael Saylor connected Sunday hinted connected X that Strategy volition adhd much Bitcoin to its $76.8 cardinal stash, stating: “If you don't halt buying Bitcoin, you won't halt making Money.”

Bitcoin ETF issuers besides scooped up a combined $773 cardinal worthy of Bitcoin to adjacent retired the past 3 trading days past week, Farside Investors data shows.

Bitcoin marketplace sentiment not overcooked

Despite the rally, the Crypto Fear & Greed Index score is inactive successful the “Greed” portion astatine 70 retired of 100, indicating that societal marketplace sentiment isn’t excessively overheated, for now.

While Bitcoin was inactive trading beneath $120,000 erstwhile the people updated connected Monday, it lone marked a one-point summation from yesterday.

Crypto Fear & Greed Index score. Source: Alternative.me

Related: Michael Saylor is not sweating the emergence of Ethereum treasury companies

Meanwhile, Google hunt involvement for Bitcoin has lone risen modestly successful the past week, scoring 48 retired of 100 comparative to the highest constituent implicit the past 12 months. That constituent occurred betwixt Nov. 10-16, a week aft Trump won the US election.

BTC, ETH, propulsion crypto marketplace to caller highs

Bitcoin’s emergence supra $122,000 besides helped it make up for mislaid distance connected Ether (ETH) of late, which has accrued 1.8% implicit the past 24 hours compared to BTC’s 3.3%.

ETH has risen astir threefold from $1,435 connected April 9 close done to $4,315 astatine clip of writing, TradingView data shows.

BTC and ETH’s terms rallies besides pushed the full crypto marketplace headdress to $4.14 trillion connected Monday, mounting a caller all-time high, CoinGecko data shows.

Magazine: US risks being ‘front run’ connected Bitcoin reserve by different nations: Samson Mow