Bitcoin Reaches $124,400 All-Time High as Ethereum Gains Nearly 30%
On August 13, Bitcoin reached a new all-time high (ATH) of $124,400, exceeding its previous ATH of approximately $123,091. Ethereum also saw substantial gains, rising nearly 30% over the past week and nearing its ATH of $4,891.
Key Developments
- The U.S. CPI data showed inflation at 2.7%, lower than the expected 2.8%, contributing to bullish sentiment.
- July job data indicated weaker U.S. labor market conditions, with nonfarm payrolls increasing by only 73,000.
- Odds for a 25-basis-point Fed rate cut in September are currently around 95%, enhancing liquidity and investor appetite for risk assets.
Future Projections for Bitcoin
- Analyst Ezy identifies Bitcoin's current phase as ‘Sign of Strength,’ suggesting a major bullish move is underway.
- Targets include $130,000 at the 1.618 Fibonacci level, $145,000 at the 2.0 Fibonacci level, and $166,000 as a final target.
- Projections indicate these targets could be reached between September and October, coinciding with anticipated monetary easing.
As of now, Bitcoin is trading around $122,600, reflecting a 2% increase in the last 24 hours.
