Bitcoin recently traded at $120,000 and investors are curious if a new all-time high is achievable within this year. Three essential catalysts may drive Bitcoin's price higher: the record growth of the global money supply, potential spot Bitcoin ETFs outpacing gold holdings, and the revival of retail investment. The global monetary supply hit $55.5 trillion in July, supporting Bitcoin's bullish case even as it remains correlated with tech stocks. Meanwhile, retail inflows have been limited despite Bitcoin's impressive 116% gains over the past year. A recent change allowing cryptocurrencies in 401(k) accounts could unlock significant retirement capital for Bitcoin. Currently, US spot Bitcoin ETFs have $150 billion in assets, and surpassing gold's $198 billion could enhance Bitcoin's status as a reserve asset. As adoption continues and retail interest potentially reignites, Bitcoin seems poised for new growth, suggesting a pathway towards breaking the $122,000 mark.

Source šŸ”—