Bitcoin Soars to Fresh Record at $118K, Forecasts Hint at $130K by Fall

Bitcoin surged to a record high above $118,600 on Friday, lifted by accelerating institutional demand, surging ETF inflows and renewed political tailwinds from the Trump administration.

The latest rally caught traders off guard and triggered the highest wave of liquidations in years, signaling a powerful shift in momentum.

As of 05:55 am ET, Bitcoin had broken past the earlier high of $113,734 set just hours prior. The world’s largest cryptocurrency is now up roughly 24% year-to-date, with analysts eyeing $130,000 as the next key level.

The latest price spike came as market structure turned decisively bullish, according to 10X Research.

Traders Rush to Reposition After Quiet Volatility Triggers Bullish Setup

In a note to clients, the firm said a short-term breakout signal had been triggered, historically followed by median gains of 20%. That would imply a price target near $133,000 by September.

The Crypto Fear & Greed Index is now in the "Greed" zone after $BTC hit a new ATH earlier today.

Where do you stand on the scale? pic.twitter.com/c4LkrLF1fH

— CoinGecko (@coingecko) July 11, 2025

“Our trading signals indicate that this short-term breakout carries a 60% probability of further upside over the next two months,” Markus Thielen, founder of 10X, told Cryptonews.

Behind the scenes, the landscape has been quietly shifting. Implied volatility recently hit its lowest levels in months, giving traders cheap access to upside bets.

At the same time, many had been underexposed following June’s options expiry, leading to a scramble to reposition.

Over $1B in Short Positions Liquidated as Bitcoin Blasts Higher

Adding fuel to the rally, over $1.14b in leveraged positions were liquidated in the past 24 hours alone, according to data from CoinGlass. Of that, nearly $1.02b came from short traders.

Bitcoin accounted for more than half of the total carnage, with $599m in liquidations. Ethereum saw $243m wiped out, while smaller tokens like Hyperliquid, Solana and XRP also saw heavy losses.

Trump Policies, $15B in ETF Buys Add Fuel to Bitcoin’s Fire

This new wave of volatility comes as Trump’s crypto-friendly policies gain traction. In March, the president signed an executive order to establish a national crypto reserve. His administration has since appointed pro-crypto voices to key positions, including SEC’s Paul Atkins and AI policy lead David Sacks.

Meanwhile, Trump-linked businesses are deepening their involvement. Trump Media & Technology Group recently filed to launch a crypto ETF that would hold multiple tokens, including Bitcoin.

With steady ETF demand, easing macro conditions and regulatory tailwinds, many traders now see this breakout as the start of a broader uptrend.

“Bitcoin may be transitioning into a higher trading range,” said Thielen. “Since mid-April, Bitcoin ETFs have bought $15b worth of BTC and they are causing prices to rally.”

As crypto markets heat up once again, all eyes are on next week’s US CPI print and the start of “Crypto Week” in Washington, both of which could offer fresh catalysts, or risks, for the world’s most closely watched digital asset.