Bitcoin is the best new hit ever in multiple markets around the world, seeing $131,000 in August

Bitcoin’s recent rally saw major digital asset breaches of $122,000, but is not yet included in the peak of $123,000 in July 2025.

According to Encryption Data, Bitcoin has risen over 3% in the last 24 hours, reaching a high of $122,321 after a slight retreat at the time of writing.

Despite the minor pullback, Bitcoin has already hit new all-time highs in several global markets, surpassing previous records in local currency.

Bitcoin violated the £90,000 mark in the UK and reached new highs in countries such as Canada, Japan, India, Argentina, Nigeria and Pakistan, according to data from CoinmarketCap.

Vincent Liu, CIO of Kronos Research, said Encryption This performance shows that global liquidity and momentum is strengthening across the market.

According to him:

“(Bitcoin) is already hitting a new peak in the pound, peso and other Fiats. It has shifted its currency dominance beyond the dollar, and global liquidity and momentum is strengthening across the global market.”

When will Bitcoin break another high at USD?

Given Bitcoin’s global performance, Bitcoin analyst Praevisio remains bullish at BTC’s future prices.

Praevisio noted that the recent uptrend in Bitcoin wiped out all resting fluidity, creating a large CME gap along the way, establishing a fresh demand zone.

For this reason, Praevisio’s top-level ciphers’ monthly outlook is positive. He estimates a 90% chance that BTC will reach $131,000 this month, and estimates a 23% chance of revisiting monthly lows.

Meanwhile, an analyst at Bitunix Exchange said Encryption Macroeconomic factors, including future releases of the Consumer Price Index (CPI) and Moody’s potential US recession forecast, could affect market sentiment and shift the price trajectory of BTC in the short term.

Nevertheless, Bitunix analysts believe BTC can maintain its strong volume and target between $124,000 and $127,000 when it exceeds $120,000.

Conversely, if Bitcoin does not retain $120,000 in support or form a long top core, there is likely a retracement from $116,000 to $114,000.