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Bitcoin has officially surpassed the $125,000 mark, achieving a new all-time high and signaling a significant milestone within the ongoing 2025 bull market. This ascent appears to be more than a fleeting surge, according to a recent analysis from 10x Research. Their findings point to a recurring technical pattern that has historically preceded substantial price rallies for Bitcoin, having occurred only nine times prior to this latest surge.
The cryptocurrency’s remarkable performance is being bolstered by substantial institutional inflows into exchange-traded funds (ETFs) and a noticeable shift in institutional investor behavior. The scale of these recent investments mirrors the early accumulation phases observed in 2020, a period when long-term holders began to significantly influence the available supply. Concurrently, exchange reserves have dwindled to a six-year low, indicating a tightening supply of Bitcoin available on the market. Furthermore, regulatory developments, such as new tax guidance in the United States, could inadvertently encourage corporate treasuries to explore diversification strategies involving crypto assets.
Despite the evident technical strength driving Bitcoin’s upward momentum, analysts at 10x Research advise caution regarding potential short-term volatility. Their report suggests that while this breakout may be fundamentally driven, Bitcoin must still demonstrate its capacity for sustained growth before entering a consolidation phase. The market is currently experiencing one of its most optimistic periods since early 2021, with an overwhelming 99.9% of circulating Bitcoin supply in profit and record ETF inflows. The trajectory of this rally, whether it leads to parabolic continuation or a cooling-off period, will hinge on the sustained demand from institutional investors and evolving macroeconomic conditions in the coming weeks.
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Senior Crypto Correspondent with over 8 years of experience covering Bitcoin, altcoins, and blockchain technology for leading financial publications. Alexander holds a master’s degree in Financial Economics and specializes in in-depth market analysis, regulatory updates, and interviews with top industry figures.