Bitcoin is on track to set a new record high as the extension of the US tariff deadline and increasing support from Elon Musk reignite risk appetite . According to Markus Thielen, head of research at 10x Research, Bitcoin is likely to set a new all-time high this week or next .
The deadline for US reciprocal tariffs has been moved to August 1, giving more time for negotiations . Jeff Mei, COO at BTSE, noted that markets appear to be rallying after it was revealed countries will have more time to negotiate before tariffs take effect . Additionally, Elon Musk stated that his new political party, the America Party, will embrace Bitcoin .
Bitcoin's move comes amid a broader upswing in the cryptocurrency market. Bitcoin also closed Sunday at an all-time weekly high of $109,443 . Other cryptocurrencies, including Ether, XRP, and Solana, have also seen gains .
However, some analysts caution about potential volatility. Henrik Andersson, chief investment officer at Apollo Capital, stated that it will likely be a volatile week . Meanwhile, the Crypto Week in Washington DC, starting on July 10, is expected to add further excitement to the market .
Furthermore, Elon Musk's involvement with Bitcoin has garnered attention. Musk has hinted that he might be secretly stacking Bitcoin, and Tesla still holds over $1 billion worth of Bitcoin . Moreover, Musk's recent statement that the America Party will support Bitcoin has added further excitement to the market .
As Bitcoin approaches its previous highs, investors are closely monitoring developments in trade policies and the actions of influential figures like Elon Musk .