Bitcoin (BTC) has had a rather bullish weekend, and the momentum continues on Monday, August 11.
Namely, the world’s largest cryptocurrency surged 3.6% in 24 hours, pushing past $122,000 and almost approaching its all-time high (ATH) of $123,091.
What’s more, Bitcoin saw 364,126 new addresses created on Saturday, August 9, the highest number in a year, as per Glassnode data reported by Ali Martinez.
A new Bitcoin all-time high?
Bitcoin’s performance over the past couple of days is largely due to speculation regarding the new U.S. inflation data scheduled for release later this week.
As July inflation is expected to grow, “digital gold” is increasingly being viewed as a safe-haven asset. Polymarket, a cryptocurrency-oriented prediction market, also shows a 40% probability of two September Fed cuts.
What’s more, crypto strategist and analyst Benjamin Cowen notes that Bitcoin has historically gained in July and August before a possible September pullback, then surged to new cycle peaks in the final quarter of the year.
Michael Saylor, Founder and Chairman of Microstrategy, the world’s largest Bitcoin treasury company holding over $72.4 billion worth of BTC, also hinted at potential new Bitcoin purchases, posting on X:
“If you don’t stop buying Bitcoin, you won’t stop making money.”
Also worth noting are President Donald Trump’s executive orders permitting cryptocurrency in 401(k) retirement plans, which could see $12 trillion in retirement funds invested in Bitcoin.
Featured image via Shutterstock
