Bitcoin Surpasses $121,400, Predicts Wall Street’s Tom Lee Will Hit $250,000 by Year-End
On the morning of August 11, Bitcoin reached a milestone, standing at approximately $121,367, with a daily increase of 3.8%, firmly crossing the $120,000 threshold. This represents the highest single-day closing price of the year, elevating bullish market sentiment to new heights.
Wall Street Giants: Aiming for $250,000
Due to the strong overall market performance, data from Coinglass indicates that the amount liquidated within 24 hours reached a staggering $370 million, with $60 million of that occurring within just one hour for Bitcoin alone. In response, Tom Lee, co-founder of Fundstrat and chairman of BitMine, expressed optimism that Bitcoin could reach $250,000 by 2025.
Three Major Drivers Behind the $121,400 Mark
Firstly, the regulatory environment is becoming clearer. Recently, the U.S. Congress has taken a friendly stance towards crypto assets, paving the way for multiple Bitcoin ETFs and lowering barriers for large institutions to enter the market. Secondly, institutional funds continue to accumulate. Since the halving in April, miner sell pressure has declined, and with retirement funds and family offices increasingly investing, the bullish structure is becoming more solidified. Thirdly, the global macro environment remains loose, with inflation and geopolitical risks driving safe-haven demand, allowing Bitcoin to benefit alongside gold. From a technical perspective, the $115,800 monthly high set in July has now become a support level, with the market generally viewing $133,000 as the next resistance point.
In summary, the convergence of regulatory clarity, funding, and supply dynamics is driving these trends. At the same time, contrary liquidation rumors serve as a reminder for the market to verify information before trading, and not to be intimidated or misled by “big numbers.” This is crucial for participating in this bull market. In the coming weeks, investors should continue to monitor ETF inflows, changes in miner holdings, and inflation data for potential impacts on the funding landscape, continuously recalibrating risk positions.
