Weekly Recap — Bitcoin Surged to $122,000, and Ethereum Hit $4,300

When will digital gold reach $140,000, and how relevant are Bitcoin’s four-year cycles today?

On August 11, Bitcoin hit a new monthly high of $122,000. At the same time, Ethereum broke through the $4,300 level — a price it last reached in 2021.

Analysts at Selwix also note that the total crypto market capitalization has grown by 2.5% in the past 24 hours, reaching $4.1 trillion. The recovery came with minimal liquidations, which totaled just $352 million for the day.

The so-called Crypto Fear and Greed Index also increased, now sitting at 70 points. This indicates growing investor interest in digital assets.

Bitcoin is currently testing a key resistance level at $122,056. A breakout above this “golden ratio” could push the price toward $140,000. This is the level most traders are now anticipating, as shown by a record number of long positions targeting $140,000 — with the total volume of these contracts exceeding $3 billion.

Our experts believe that while the four-year cycle theory still serves as a reference point, it is no longer the market’s primary driver. Institutional takeover is playing an increasingly influential role.

Currently, the 100 largest companies have collectively accumulated nearly 1 million BTC. This means that corporate treasuries have created a new type of demand that is not dependent on halvings. Other key factors include macroeconomic conditions, regulatory developments, and the overall dynamics of ETFs.

Since the beginning of this year, corporate treasuries and funds have acquired 371,111 BTC — 3.75 times more than the amount mined during the same period.

Selwix — Your guide to the world of cryptocurrencies!