“Nothing stops this train.”
That’s how David Brickell, head of international distribution at FRNT Financial, and former forex trader Chris Mills describe Bitcoin’s momentum as the top cryptocurrency barrels toward a new all-time high.
It references macro analyst Lyn Alden’s presentation at the Bitcoin 2025 conference in May, and how Bitcoin is gearing up to dominate in a world of deficit crises.
The asset’s price has rebounded sharply after last week’s drop to 100,900, climbing to over $109,000 — just 2% shy of its record.
Last week’s drop can fuel “momentum for a more decisive break higher, assisted by the broader positive risk tailwinds,” said Brickell and Mills in the London Crypto Club’s Connecting The Dots newsletter on Sunday.
Their bullishness highlights an overwhelmingly optimistic buzz in the crypto community, with market watchers predicting Bitcoin will trade higher by 2026.
Geoffrey Kendrick, head of digital assets for Standard Chartered, has forecast $120,000 in July. Bernstein analysts predict that the top crypto will top $200,000 in 2025. And Arthur Hayes, CIO of Maelstrom Fund, has said Bitcoin is headed to $1 million by 2028.
Here’s the three factors seen to be driving Bitcoin to new records.
Institutional inflows
Big money’s faucet is wide open.
Michael Saylor’s Strategy just bought another 1,045 Bitcoin for $110 million. The company holds 582,000 Bitcoin worth about $63 billion. The firm formerly known as MicroStrategy has sparked a plethora of copycats devouring Bitcoin as part of their treasury plans.
It’s an “alarming” trend, said macro analyst Noelle Acheson.
Meanwhile, BlackRock’s Bitcoin exchange-traded fund has hoovered up more than 1.1 million Bitcoin, and is set to overtake Satoshi Nakamoto as the world’s largest corporate Bitcoin holder.
Political spat
Although the feud between US President Donald Trump and Elon Musk dealt a blow to Bitcoin’s price last week, it has all the ingredients to push the top crypto higher.
“When the President of the United States is arguing with the richest man in the world, we find the decentralised, non-sovereign qualities of Bitcoin even more appealing,” said Brickell and Mills.
Indeed, the underlying issue of out-of-control spending which will get worse under Trump’s Big Beautiful Bill, only underscores Bitcoin’s value proposition, according to the analysts.
The bill has all the makings of an ugly US default — and a role for Bitcoin.
Global liquidity is rising, deficits are ballooning, but interest rates remain high, which haven’t managed to scare off investors from risky assets like Bitcoin.
To be sure, he also warned that Bitcoin and the wider crypto market could suffer if the trade talks were to collapse.
“Trump’s unpredictability on tariffs, along with persistent inflation concerns, have created volatility into equity and bond markets,” Theodorou said. “A breakdown in talks could renew further risk-off sentiment, moving investor funds from crypto into more defensive assets.”
Despite potential headwinds, Brickell and Mills were bullish on the top cryptocurrency’s chances.
“Bitcoin will continue to outperform everything,” they said. “Don’t over complicate it.”
