Bitcoin breaks through $120,000 for the first time, why is no one shouting that it is taking off?

الأصل | Odaily Planet Daily ( @أوديلي تشاينا )

المؤلف: جوليم ( @web3_غولم )

It is really difficult to be a Bitcoin investor. You live in fear of rising prices every day.

OKX market data shows that Bitcoin rose for the first time today, breaking through $120,000 and setting a new record high. The performance of altcoins is not inferior. According to Quantify Crypto data, among the top 200 altcoins by market value, only 15 tokens fell in the past 24 hours, and the rest were in altcoin trends. Among them, HBAR rose by more than 25% in the past 24 hours, SUI rose by more than 12.18% in the past 24 hours, and ETH, SOL, BNB and XRP, the top altcoins by market value, also rose by 1 to 5% in the past 24 hours.

At the same time, the gains of Hong Kong-listed تشفيرcurrency concept stocks continued to expand, with OKEx rising by more than 30%, Xiongan Technology rising by 18%, and Linekong Interactive rising by more than 10%.

Even without looking at the above picture, you can tell that the situation is very good. However, unlike when Bitcoin broke through the previous high of $69,000 and the $100,000 mark, the market sentiment is not too FOMO. Although social media is full of good news, the community chats are unusually quiet. Have people in the industry already taken profits and left? Why is no one shouting that it has taken off this time?

Investors confused by the rise of Bitcoin

Even if the rebound of altcoins after an 80% retracement is small, the trapped investors will be excited to shout that the market is back; but for Bitcoin, which continues to hit new highs, even if no investors are trapped at present, the relative value of +% is getting smaller and smaller, which will only make people more numb. Moreover, with the continuous favorable global crypto regulatory policies, the increase in the number of Bitcoin Treasury listed companies, and the entry of stock tokenization into the compliance operation period, Bitcoin has closed up for three consecutive months since April 2025, with a three-month increase of more than 46%.

Investors excitement threshold is gradually increasing, and more expectations are placed on altcoins. Google Trends data also shows that the publics search interest in Bitcoin is far lower than during the bull markets of 2017 and 2021.

The latest report from 10x Research also points out that Bitcoins recent record highs are not driven by market speculation, but by deeper macroeconomic changes. The increase in the US debt ceiling of $5 trillion, huge تحديcit spending, and the upcoming crypto policy report by the Trump Task Force are jointly reshaping the macro landscape. The report believes that Bitcoin has transformed into a macro asset that hedges against unrestrained fiscal spending, and its narrative logic has undergone a fundamental shift. The FOMC meetings on July 22 and 30 may become a key catalyst for redefining Bitcoins role in the financial system.

لذلك، there is no direct stimulus for Bitcoin to break through $120,000 this time, but it is the result of a series of positive factors that have continued to ferment . Cryptoquant analyst Axel Adler Jr also found reasons for the rise in July from an empirical perspective, According to historical data from 2012-2025, July is one of the most reliable months for Bitcoin growth: 10 out of 14 cases (71%) showed positive returns. In addition, October has the highest reliability, with the proportion of positive months reaching 77%.

Although the copycat industry has improved, it has not achieved the desired effect.

Another major reason that may affect market sentiment is that although the overall altcoins have risen since July 11, they have not yet met investors expectations. OKX market data shows that after 5 months, ETH has risen above 3050 USDT today (February 3) , but the sad thing is that 5 months ago (February 3), the highest price of Bitcoin was 102,500 US dollars. Relatively speaking, Bitcoin still has a 17% increase, while Ethereum has completely stayed where it is.

The market situation of Bitcoin is the only one that is doing well, while altcoins are not following suit and are even falling has been a topic of continuous discussion among investors since 2024. At that time, Bitcoin had the support of the US Bitcoin spot ETF and institutional purchases, while altcoins were experiencing difficulties such as VC trust crisis, large-scale unlocking and dumping, and Meme sucking away speculative funds. Shorting altcoins became the main trading strategy at the time. Therefore, even until now, some investors still have reservations about altcoins and have no hope for the altcoin season.

However, the crypto market is changing rapidly, and as investors we should assess the situation and make timely adjustments . In July, Bloomberg ETF analyst James Seyffart released a forecast of the approval probability of crypto spot ETFs by the end of 2025, indicating that the US SEC may approve multiple altcoin ETFs in the second half of 2025, among which LTC, SOL and XRP have a 95% approval probability, and DOGE, HBAR, Cardano, Polkadot, and Avalanche are expected to pass with a probability of 90%. SUI is expected to pass with a probability of 60%, and Tron/TRX and Pengu are expected to pass with a probability of 50%.

In addition, various altcoin versions of MicroStrategies have been established. CZ even قال ذلك at least more than 30 teams want to launch public company (Public Co.) projects related to the BNB treasury. Altcoins will also usher in an era with ETFs and institutional purchases to support them.

Many KOLs also wrote in July that they are optimistic about the upcoming Shanzhai Season. Yi Lihua, founder of LD Capital and “e General”, wrote that the Shanzhai Season may have to wait until the interest rate cut is confirmed in August or September before the market will truly usher in liquidity overflow.

Crypto KOL Miles Deutscher expressed his views on altcoins in response to yesterdays PUMP public sale of $500 million in 12 minutes , saying , This shows that when there is a right opportunity, there is still a lot of liquidity willing to participate. Altcoins are not dead, they just need the right narrative. Additional reading: PUMP public sale sold out in 12 minutes, two scripts after the opening, which one do you believe?

Arthur Hayes, co-founder of BitMEX, also wrote, Now the sentiment has changed. Bitcoin has broken through its all-time high with good trading volume; Ethereum is following closely and will outperform. The altcoin season is coming. The market believes that Trump will take unexpected actions on tariffs. Arthur Hayes Family Office Fund Maelstrom has increased its bullish position.

Of course, there is a lot of information about the upcoming Shanzhai season, but no matter how much is listed, it is not as good as the firm confidence in the hearts of investors. I hope that next time we can shout together, Shanzhai will take off!

This article is sourced from the internet: Bitcoin breaks through $120,000 for the first time, why is no one shouting that it is taking off?

Related: TGE is launched on Binance Wallet, CUDIS Three Horses are launched simultaneously, and the crypto health track has usher

Original | Odaily Planet Daily ( @OdailyChina ) Author: Wenser ( @wenser 2010 ) One day in the future, a day for the crypto crowd may be like this: when you get up in the morning, you turn the smart ring on your hand, look at the flashing green light, and check your sleep quality last night on the APP; after a simple wash, you click on the sports option in the APP and start your morning run, and the heart rate, calories, blood oxygen and other health indexes are clear at a glance; after running, the AI coach has helped you plan todays menu, down to the proportion of protein, carbohydrates, and fat, and helped you set up todays work plan; after a busy day, you check your social…