Bitcoin nears $110,000 again. Can the crypto rally last?

Bitcoin backers should be in high spirits, as the cryptocurrency is trending back up toward the $110,000 mark, a hurdle first cleared last May.

Bitcoin prices bounced back from the $99,000 level last week and hovered just under $107,000 Monday morning, with trading levels generally ranging between $103,000 and $108,000. Bitcoin prices crested at $112,000 in May, as the cryptocurrency’s value rose 74% in the first five months of 2025, before falling back in June. Bitcoin has increased by 69.5% over the past year.

Can Bitcoin push past the $110,000 pricing benchmark? Crypto experts think so.

According to Michael van de Poppe, founder at MN Capital, a Netherlands-based trading firm, $109,000 is the biggest pricing hurdle this week. “An inevitable breakout... might even happen during the upcoming week,” he noted, citing a “bullish set-up” in a June 28 X tweet.

May’s run-up in price triggered selling opportunities for Bitcoin, especially for short-term holders who took the chance to lock in gains once the cryptocurrency reached $110,000. Fueling the selloff were multiple catalysts, including a lagging U.S. dollar, exchange-traded fund inflows after Bitcoin hit $100,000, and the strong backing from the White House, which has taken a supportive tone on cryptocurrencies since President Donald Trump took office.

At a White House “Crypto Summit” in March, President Donald Trump told global cryptocurrency leaders that his goal is to make the U.S. a leader in the cryptocurrency world during his term in office. “I thought it was very important that we stay in the front of this one,” Trump said at the meeting.

Cryptocurrency leaders have also expressed interest in collaborating with the White House to expand the cryptocurrency market, a scenario that appears more realistic given the administration’s growing support for altcoins. “It’s truly wonderful to see how things have changed and how the pendulum has swung back,” noted Cameron Winklevoss, co-founder of the crypto exchange Gemini, at the summit.

Simultaneously, Bitcoin has largely remained immune to geopolitical shockwaves, such as the U.S. intervention in the Iran-Israel conflict and ongoing tariff disputes between the U.S. and its trading partners. The U.S. Senate’s passage of a bill regulating stablecoins and the growing number of crypto-related ETFs have also cleared the path for a Bitcoin rally in the second half of 2025.

“This month the [crypto] industry is experiencing several tailwinds, including positive capital market events, legislative tailwinds, and higher Bitcoin prices,” noted Clear Street analyst Brian Dobson in a recent research note.

Some cryptocurrency trackers foresee clear sailing ahead for Bitcoin, as both market and economic risks are expected to abate by mid-2025, and as investors shift away from hard assets.

“Whilst we’re not bearish gold per-se as the currency debasement games continue apace, we think it's reasonable to see a re-pricing back to early April levels sub 3,000 on the fading risk premium and a consequent rotation into Bitcoin,” stated the London Crypto Club’s June 29 newsletter. “The BTC/Gold cross we expect to hit new record highs in the next few weeks, which if Gold trades sub 3,000 would place BTC at around $125K, which seems a reasonable target.”