Ah, the sweet scent of Bitcoin‘s potential new high wafts through the air like a freshly brewed cup of sarcasm. As the United States’ trade tariff deadline looms on Wednesday, all eyes are on the cryptocurrency, which may just set a new record this week or the next. Markus Thielen, the head of research at 10x Research, has declared with a smirk, “Bitcoin is likely to set a new all-time high this week or next.”
Post-July 4th seasonality, you ask? Thielen chuckles and says, “tends to be bullish, and markets have largely shrugged off tariff-related risks.” The July 9 deadline marks the end of the 90-day pause in US reciprocal tariffs. UBS Global Wealth Management analysts, with a hint of irony, suggest that if the US postpones the tariffs again, markets might interpret this as a reluctance to implement them, and it will support risk appetite. John Bollinger, inventor of the Bollinger Bands technical trading indicator, concurs with a wink, “Bitcoin looks to be setting up for an upside breakout.”
Bitcoin (BTC) prices were only 2% away from their May 22 all-time high, briefly topping $109,500 on Monday trading. Apollo Capital’s chief investment officer, Henrik Andersson, predicts a volatile week ahead, but with a glimmer of hope, he adds, “We do believe there is a good chance that the US will sign a framework agreement with the EU this week.” He also mentions that Elon Musk had just mentioned Bitcoin on X, “as it seems like he is warming up to the asset again.”
Markets already rallying
Traders were previously concerned about volatility leading up to the July 9 tariff deadline, observed Jeff Mei, chief operating officer at the BTSE exchange. However, “it looks like markets are rallying after it was revealed countries will have more time to negotiate before tariffs take effect at the beginning of August,” he told CryptoMoon, adding, “If we see good numbers on Tuesday, then it’s likely that markets will continue to rally.”
Crypto markets had gained more than $50 billion in total capitalization over the past 24 hours following a relatively flat weekend, according to CoinGecko. A picture of a grinning Bitcoin is worth a thousand words, isn’t it?
Altcoin season potential
Meanwhile, Nick Ruck, director at LVRG Research, tells CryptoMoon that traders may “look to altcoins for upside potential as the second half of this year is anticipated for higher volatility and surges in digital asset prices.” Eugene Cheung, chief commercial officer at digital assets platform OSL, adds with a touch of humor, “We’re optimistic that more investors will look to Bitcoin and Ethereum to escape macro volatility and potential inflation increases as the Fed signals high potential to cut interest rates this year.”
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2025-07-07 08:51