The grand cryptocurrency has set sights on a new historical high ahead of the tariff due date, Musk endorsing the currency, and crypto week.

Bitcoin (BTC) is edging toward a possible new price record this week, with investors awaiting positive news on the tariff deadline on trade between the United States and China and the surging institutional bullishness and public interest on Crypto Week in Washington, which starts Monday in Washington, D.C.

Analysts See Breakout Potential

“Bitcoin is likely to set a new all-time high this week or next,” said Markus Thielen, Head of Research at 10x Research, speaking to Cointelegraph on Monday.

Thielen cited bullish post-July 4th seasonality and diminishing concerns over tariff-related risks as contributing factors.

The key event on traders' radar is July 9, marking the end of the 90-day pause on U.S. reciprocal tariffs. According to UBS Global Wealth Management, if the U.S. decides to delay tariffs again, it could signal market-friendly policy, boosting risk appetite.

“Bitcoin looks to be setting up for an upside breakout,” added John Bollinger, creator of the famous Bollinger Bands indicator.

BTCUSD prices climbed close to $109,500 in early Monday trading, just 2% shy of the previous May 22 all-time high.

Volatility Expected but Outlook Remains Bullish

“It will likely be a volatile week,” said Henrik Andersson, Chief Investment Officer at Apollo Capital.

He expressed optimism that the U.S. and European Union could reach a framework trade agreement this week, which would reduce global trade tensions.

Adding to market enthusiasm, Elon Musk made positive remarks about Bitcoin on X (formerly Twitter), hinting that he is once again warming up to the asset.

“Any downside this week could present a prime buying opportunity, especially with Crypto Week kicking off in Washington, D.C.,” Andersson noted.

Bitcoin Leads Market Rally

Jeff Mei, Chief Operating Officer at BTSE, confirmed that earlier concerns about tariff-driven volatility have been replaced with renewed confidence as negotiation timelines were extended to early August.

“Markets are already rallying, and if Tuesday’s economic data is strong, the uptrend could continue,” Mei told Cointelegraph.

Over the past 24 hours, the global crypto market cap surged by over $50 billion, according to CoinGecko, following a relatively flat weekend.

Altcoin Season on the Horizon?

Nick Ruck, Director at LVRG Research, believes traders may now pivot toward altcoins as volatility increases and digital asset markets prepare for potential parabolic moves in the second half of 2025.

“Once Bitcoin breaks its all-time high, we could enter a fresh price discovery phase, setting the tone for broader altcoin gains,” said Eugene Cheung, Chief Commercial Officer at OSL.

Cheung added that investors are increasingly viewing Bitcoin and Ethereum as hedges against macroeconomic instability and possible inflation, especially with the Federal Reserve signaling interest rate cuts later this year.

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