Continuing the bullish sentiment around the market-leading cryptocurrency this week, CNBC analysts are projecting Bitcoin (BTC) to reach…

Continuing the bullish sentiment around the market-leading cryptocurrency this week, CNBC analysts are projecting Bitcoin (BTC) to reach new all-time highs above $130,000. Indeed, CNBC analyst Todd Gordon suggests that the cryptocurrency is primed to surpass its $111,000 ATH and boom towards the $130,000 according to weekly chart analysis. “I have a 100% Fibonacci projection level of $135,000 as our target,” Gordon wrote on Tuesday.

Gordon suggests there are three main drivers for BTC’s recent growth that could send it towards $135,000. For starters, institutional interest in the digital asset continues to climb. Spot Bitcoin ETFs have played a huge role in this; however, firms are also going out of their way themselves to pick up Bitcoin for reserves. Firms like Strategy and BlackRock are amongst the top institutional investors, and many more companies are now following that strategy. As a result, Bitcoin is becoming a fan favorite amongst major investors, which has driven its price up due to heightened demand.

Better Conditions for Bitcoin Could Continue Surge

Additionally, the current macro-environment and global economy are also setting the stage for Bitcoin and other digital assets to play a pivotal role against Fiat. Many nations have begun investing in cryptocurrency or establishing reserves for the asset to provide a hedge against fiat currencies. The US, for example, is generating a crypto stockpile reserve and is also weighing the idea of establishing a Bitcoin Treasury Reserve. Despite tariff concerns, Bitcoin has continued to climb this year, establishing a new ATH and bringing the rest of the crypto market up with it. Analysts like Todd Gordon suggest that this will continue throughout the rest of the year.

While Bitcoin is currently moving at a stable pace, BTC’s institutional interest continues to rise rapidly. Major firms, including Metaplanet and Strategy, are holding BTC in record numbers. Additionally, spot Bitcoin ETFs are resurging. Most notably, BlackRock’s IBIT Spot Bitcoin ETF recently became the fastest ETF in history to reach $70 billion in assets under management (AUM).

Also Read: Bernstein Calls Its $200,000 Bitcoin Price Prediction “Conservative”

Further, an improved regulatory environment in the US for cryptocurrencies is fueling Bitcoin’s recent rally. US President Donald Trump’s support for cryptocurrency, primarily BTC itself, has fueled a climb over the past few months for crypto. U.S. legislation and regulation of stablecoins are expected, which increases acceptance of crypto and stable value coins.

Bitcoin is up more than 4% in the last 30 days, according to CoinMarketCap. At press time, the king cryptocurrency sits at $110,000, and is nearing a new ATH for the second time in a month.