Bitcoin has surged to a new all-time high, surpassing its previous peak from January and reaching over $109,000. This rally is attributed to improving risk sentiment driven by easing US-China trade tensions and Moody’s downgrade of US sovereign debt, prompting investors to seek alternatives to the dollar. Increased institutional interest, including JPMorgan allowing clients to buy Bitcoin and Coinbase joining the S&P 500, is also fueling the price surge. Analysts believe Bitcoin is in a historically strong phase of its price cycle post-halving, with potential for further gains towards $150,000 in 2025 despite ongoing market uncertainties. Bitcoin’s price action is currently correlating with tech stocks, which have also seen significant gains.