Bitcoin’s price embarked on a thrilling ascent Sunday, extending into Monday, as it danced tantalizingly close to its all-time peak. The bulls are stampeding, fueled by a market gripped by increasing greed, while Citi analysts pour gasoline on the fire with an upgraded stock forecast, suggesting the rally might just be getting started.
Summary
- Bitcoin price is targeting $125,000 as Citi boosts its S&P 500 Index forecast.
- The analyst cited the strong quarterly earnings and tax cuts.
- The crypto fear and greed index has jumped to the greed zone.
Bitcoin Smashes Past $122,000: A Crypto Spring in August?
Bitcoin (BTC) staged a dramatic comeback, soaring to a multi-week peak of $122,230. This surge marks a stunning recovery from last week’s low of $112,000. From its April depths to Monday’s (Aug. 11) peak, Bitcoin exploded by an impressive 65%, leaving investors wondering if this is the start of a new bull run.
Citi analysts boost S&P 500 target as fear and greed rises
Bitcoin’s price could be primed for a surge, riding the coattails of a roaring stock market. As the S&P 500 and Nasdaq 100 smash record highs, the resulting “risk-on” fever could spill over, injecting fresh momentum into the crypto king.
Wall Street’s crystal ball just got a little brighter. Citi analysts, emboldened by the “Big Beautiful Bill’s” tax cuts, are betting the S&P 500 will surge to 6,600, a jump from their previous 6,300 forecast. Their rationale? These tax cuts are powerful enough to eclipse the looming shadow of tariff wars, potentially setting the stage for a bull run.
Blowout earnings season continues! Companies aren’t just meeting expectations; they’re crushing them. The average earnings growth clocked in at a robust 10%, marking the third consecutive quarter of double-digit gains. FactSet reports a staggering 81% of companies have surpassed projections, fueling investor optimism.
Bitcoin’s bulls are back in the driver’s seat! The Crypto Fear & Greed Index has surged into “Greed” territory at 62, a significant leap from this month’s low of 53. This shift signals a growing appetite for risk, potentially igniting a fresh Bitcoin rally. Are we about to witness another surge to new heights?
You might also like:
WLFI invests 7.5% of token supply to boost ALT5 Sigma’s treasury bid
Bitcoin ETFs are back in vogue! American investors are on a buying spree, injecting over $403 million into spot Bitcoin ETFs on Friday alone. This surge follows a hefty $280 million injection the day before, painting a clear picture: Wall Street’s appetite for Bitcoin exposure is far from satisfied. Since their debut, these funds have amassed a staggering $54.4 billion, signaling a seismic shift in how investors access the world’s leading cryptocurrency.
Bitcoin’s gaze is fixed on Tuesday’s US inflation report, a potential launchpad for its next rally. The market consensus anticipates a gentle climb to 2.8% in July’s Consumer Price Index. But here’s the kicker: a surprise dip below that mark could send Bitcoin soaring. Why? Because cooler inflation readings fuel hopes of Federal Reserve rate cuts, a sweet melody to crypto ears.
Bitcoin price technical analysis
BTC price chart | Source: crypto.news
Bitcoin’s poised to surge! The daily chart is flashing a bullish flag, a pattern ignited as BTC blasts through the descending channel’s ceiling. Prepare for liftoff!
Rocket fuel ignited! Price action is screaming towards the $123,200 summit, where the all-time high awaits. Both the 50-day and 100-day moving averages are acting as launchpads, propelling the price upwards. Buckle up: the smart money is betting on a decisive break, transforming that resistance into solid support, paving the way for a moonshot to $125,000!
You might also like:
XRP eyes ATH as investors turn bullish post SEC-Ripple legal resolution
Thanks for reading Bitcoin Price Eyes $125k as Citi Boosts S&P 500 forecast fear and greed jumps
