Bitcoin may set a new all-time high as early as this week, with all eyes on the U.S. trade tariff deadline on Wednesday, which could unleash risk appetite, while the U.S. capital is about to welcome "Cryptocurrency Week."

"Bitcoin is likely to hit a new all-time high this week or next," Markus Thielen, head of research at 10x Research, told Cointelegraph on Monday.

He added that the seasonal trend after July 4 is "often bullish, and the market basically ignores tariff-related risks."

July 9 is the deadline for the end of the 90-day suspension of U.S. reciprocal tariffs.

According to The Wall Street Journal, UBS Global Wealth Management analysts stated in a report: "If the U.S. delays tariffs again, the market may interpret this as a reluctance to implement tariffs, which would support risk appetite."

John Bollinger, the inventor of the Bollinger Bands technical trading indicator, also agreed on Sunday: "Bitcoin seems to be preparing for a breakout."

The price of Bitcoin (BTC) is just 2% away from its all-time high of $109,500 reached on May 22, briefly surpassing $109,500 during Monday's trading.

Henrik Andersson, chief investment officer at Apollo Capital, told Cointelegraph: "This is likely to be a volatile week."

"We do believe there is a high likelihood that the U.S. will sign a framework agreement with the EU this week," he added.

Andersson also mentioned that Elon Musk just referenced Bitcoin on X, "indicating that he is interested in this asset again."

"Any downward volatility this week could be a good buying opportunity ahead of next week, which has been designated as 'Cryptocurrency Week' in Washington, D.C.," he summarized.

Jeff Mei, COO of BTSE Exchange, noted that traders were previously concerned about volatility ahead of the July 9 tariff deadline.

However, "after revealing that countries will have more time to negotiate before tariffs take effect in early August, the market seems to be rebounding," he told Cointelegraph, adding: "If we see good data on Tuesday, the market is likely to continue to rebound."

According to CoinGecko data, after a relatively quiet weekend, the cryptocurrency market's total market capitalization increased by over $50 billion in the past 24 hours.

Meanwhile, Nick Ruck, director at LVRG Research, told Cointelegraph that traders may be "looking for the upside potential of altcoins, as higher volatility and surges in digital asset prices are expected in the second half of this year."

Eugene Cheung, chief business officer at digital asset platform OSL, told Cointelegraph: "We are optimistic that as the Federal Reserve signals a high likelihood of rate cuts this year, more investors will seek Bitcoin and Ethereum to escape macro volatility and potential rising inflation."

Related: Bitcoin (BTC) "cup and handle" breakout target is $230,000, Solana (SOL) aims for a 2800% increase

Original: “Analysts: Bitcoin (BTC) Aiming for New Highs Driven by Tariff Deadline and Musk's Enthusiasm”

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