Bitcoin has smashed past $117,000 as of July 11, 2025 . This massive surge in price signals growing confidence among investors as risk appetite returns to the market .
The surge in Bitcoin and Ether triggered over $1 billion in crypto short liquidations in the past 24 hours, marking one of the largest short squeezes of the year . According to CoinGlass, approximately 232,149 traders were affected, totaling $1.01 billion in forced closures across crypto markets . Bitcoin shorts accounted for the largest portion, with $570 million liquidated, followed by $206.9 million in Ether short positions .
Several analysts have expressed bullish sentiment for Bitcoin. 10x Research head Markus Thielen stated that BTC has a 60% probability of rising more than 20% in the next two months . Milk Road co-founder Kyle Reidhead was even more optimistic, projecting a target of $150,000 for BTC . Bitfinex analysts noted that Bitcoin's price momentum is benefiting from a reset in “over-leveraged participants,” creating a “healthier foundation for continuation” .
The price of Bitcoin has hit a new all-time high, reaching above $118,000 for the first time in its history . The latest rally comes despite global economic and geopolitical uncertainty, leading to speculation that investors are increasingly viewing the world's most valuable cryptocurrency as a safe-haven asset like gold . Bitcoin's fixed supply – only 21 million bitcoins will ever exist – has drawn comparisons to gold since it was first launched in 2009, with this recent price stability further bolstering these claims .
While some analysts are cautious due to overbought conditions, the general sentiment is bullish . If the upward trend continues, Bitcoin could extend the rally toward its key psychological level of $120,000 . A survey of crypto analysts reveals an average price prediction of $145,167 for Bitcoin by the end of the year .