On Aug. 13, bitcoin (BTC) broke past the $124,000 mark to set a new all-time high and pushed the crypto economy’s total market capitalization to $4.28 trillion. BTC’s latest breakthrough came almost 30 days after it breached the $123,000 mark and briefly brought its year-to-date gains to 33%.

The top cryptocurrency’s recent surge has led some analysts to believe that BTC is on the cusp of entering another rapid, parabolic growth phase. Crypto expert Miles Deutscher, referencing the BTC Cycle Model, suggests this upward trend is imminent. According to the chart Deutscher shared, the model projects potential price levels reaching between $131,000 and $177,000.

Experts attribute bitcoin’s milestone-breaking rally to several factors, but acquisitions from spot exchange-traded funds (ETFs) and the weakening dollar are the standout reasons. Arthur Azizov, founder and investor at B2 Ventures, identifies spot ETF acquisitions and “heavier-than-usual trading” as the prime drivers.

Meanwhile, Azizov also pointed to exchange balances, which “are at their lowest since 2017,” as another factor that makes the chances of a mass dump by sellers unlikely. These factors, when combined with growing expectations that the U.S. Federal Reserve will finally cut interest rates, keep the “risk appetite high,” Azizov added.

Looking ahead, the B2 Ventures founder said he sees BTC potentially reaching $160,000 in the next few months but warns it could still decline due to Mt. Gox distributions.

“If ETF demand keeps flowing and the Fed delivers those cuts, Bitcoin could have a clean run toward the $140,000-to-$160,000 zone over the next few months. The flip side? A slowdown in ETF buying, a stronger dollar, or surprise selling from Mt. Gox distributions could spark a drop back toward $100,000,” Azizov stated.

Despite this, Azizov nevertheless asserts that bulls remain in control and the market still rewards taking profits on the way up.

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