Bitcoin Surges to New High of $119K Ahead of Major Crypto Week
bitcoin Surges to Record High of $119,300 Ahead of Crucial Crypto Legislation
Key Highlights
- bitcoin has achieved a remarkable all-time high of $119,300, fueled by optimism surrounding significant upcoming legislative discussions in the cryptocurrency sector.
- Proposed bills in Congress could dramatically reshape the landscape of cryptocurrency regulation and the issuance of stablecoins.
bitcoin‘s Record-Breaking Performance
bitcoin‘s price skyrocketed to a new peak of $119,300 on Sunday, reflecting a surge in bullish sentiment as the cryptocurrency community anticipates a pivotal week for the industry. The U.S. House Financial Services Committee has designated the week starting July 14 as “Crypto Week,” during which lawmakers will deliberate on three essential bills aimed at establishing clear regulatory frameworks for digital assets, stablecoins, and blockchain technologies.
Among the legislative proposals is the Digital Asset Market CLARITY Act, which seeks to empower the Commodity Futures Trading Commission (CFTC) with exclusive oversight of cryptocurrency transactions while providing exemptions for established blockchain networks. Another significant bill, the GENIUS Act, would enable private companies to issue stablecoins fully backed by cash. Additionally, the Anti-CBDC Surveillance State Act aims to prevent the establishment of a U.S. Central Bank Digital Currency.
In the past week, bitcoin‘s value has surged by 9.5%, bringing its year-to-date increase to 27%, according to TradingView data. This latest rally, which saw bitcoin surpass the $112,000 mark earlier this week, has been bolstered by anticipated monetary easing, robust inflows into spot bitcoin ETFs, and heightened corporate adoption.
Analyst Predictions: bitcoin‘s Bull Run Continues
John Glover, Chief Investment Officer at digital asset platform Ledn, believes that bitcoin‘s recent surge sets the stage for a potential final leg in its ongoing multi-year bull cycle. In a note shared with Crypto Briefing, Glover indicated that bitcoin‘s ascent to a new all-time high signals the beginning of the next phase of the bull run. He noted that the recent dip to $96,000 has paved the way for further upward movement.
Glover stated, “We have finally broken to new highs, confirming that the dip to $96k in late June satisfied the wave (ii) pullback within the larger Wave 5.” He anticipates that bitcoin could reach approximately $130,000 before experiencing a short-term correction, followed by a final rally to $136,000.
He elaborated, “Look for wave (iii) to finish near $130k, followed by a correction to current levels, and then a rally to the $136k target by the end of this year.” This would mark the conclusion of the five-wave movement that has unfolded over the past three years, completing Wave 3 of the ‘super-cycle,’ suggesting that even higher prices could be on the horizon in the coming years.
As for the future, Glover expects the bull run to be succeeded by a healthy correction, allowing bitcoin to retrace to the $91,000-$109,000 range. This would provide a potential re-entry point for investors while maintaining the long-term bullish momentum.
