Bitcoin surges past $123 000 key mark in key milestone
Image: File
Bitcoin surged past the key $123 000 (R2.2 million) per coin mark on Monday morning, hitting a new milestone and doubling its value over the past year.
Nigel Green, the CEO of global financial coal advisory giant deVere Group, said Bitcoin is on track to reach $125 000 in the coming days and predicts support from US President Donald Trump, sweeping regulatory moves in Washington, and accelerating institutional demand converge to drive the cryptocurrency's price to new highs.
'Bitcoin has blasted through $122 000, and all the indicators point to $125 000 in sight this week,' said Green. 'It's being powered by deep political backing, new regulatory clarity, and sustained institutional inflows. This is a powerful combination we haven't seen at this scale before.'
Bitcoin's gains follow a flurry of developments in the US, including President Trump's public positioning as the 'crypto president' and a series of bills scheduled for debate in the House of Representatives this week.
Among them, the Genius Act is expected to create a federal framework for stablecoins - one of the most significant regulatory steps the US has taken to date.
'This is not crypto on the fringe anymore,' said Green.
'This is front and center of US financial policy. Trump is championing it, lawmakers are acting on it, and Wall Street is all-in.'
The renewed drive from Washington is turbocharging optimism in markets already buoyed by record-breaking inflows into US spot Bitcoin ETFs. Major players including BlackRock and Fidelity are continuing to scale up their exposure, sending a powerful signal to both retail and institutional investors.
'Wall Street has crossed the Rubicon,' Green further said. 'The capital is committed. The infrastructure is there. The political will is building. The market is responding exactly as we expected.'
deVere has previously forecast Bitcoin reaching $150 000 within this cycle - a target the firm is now doubling down on.
'The trajectory to $150K is intact, but investors should expect a sharp move to $140K, then a healthy sell-off before we power higher,' said Green.
'Investments of this magnitude don't move in straight lines. They surge, cool, consolidate, then break out again. That's the phase we're entering.'
Bitcoin's surge is also being echoed in related equities, with US-listed crypto miners and ETF-linked stocks substantial gains. Bitcoin's market cap now exceeds $2.3 trillion, reinforcing its grip on the $3.8trl global digital asset space.
'The scale of capital entering the space is rewriting the map,' Nigel Green adds. 'This isn't hype. This is asset reallocation on a global level.'
deVere attributes the current rally not just to speculation, but to fundamental changes in the structure of the market. Recent moves by nation-states, institutional allocators, and regulators are helping to strip away the longstanding barriers to mainstream crypto adoption.
'Once the US locks in a formal framework, we expect others to follow. This is how the tipping point begins,' Green said.
He further said, "The $125K milestone is within reach now, and when it comes, it will confirm what we've been saying: that Bitcoin is not only back, but can be expected to break through every ceiling put in front of it if the momentum continues.'
Luno said the latest surge is driven by several key factors creating strong demand for Bitcoin, including increased institutional buying, positive regulatory developments and technical market forces.
"We're witnessing extraordinary market conditions with Bitcoin breaking through psychological barriers that seemed unimaginable just months ago," said Christo de Wit, country manager for South Africa at Luno.
Several key factors are driving the current rally. Large institutions, investment firms, and corporations continue accumulating Bitcoin through exchange-traded funds (ETFs) and direct purchases, creating sustained upward pressure. A significant $200 million short squeeze has also contributed to the price surge, forcing traders betting against Bitcoin to buy back their positions, amplifying the upward momentum.
"The market dynamics we're seeing today are fundamentally different from previous cycles," explained De Wit. "Institutional participation has matured significantly, and we're seeing reduced selling pressure as fewer bitcoins remain on exchanges, indicating strong holder confidence."
VALR's co-founder and CEO, Farzam Ehsani, said, "While Bitcoin's all-time highs are exciting, what's truly transformative is its promise for humanity: a borderless, politically neutral money that restores financial sovereignty to individuals. It's a potential global reserve currency, free from the manipulation we've seen throughout monetary history. As this vision unfolds, Bitcoin's price will appreciate far beyond current levels, though with drawdowns along the way."
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