Bitcoin surges to new record high above $111,000: CNBC Crypto World

It's not going away, it’s going to be part of a lot of portfolios, even if it's just 2-3%,

said Wedbush Securities finance group managing director Dan Ives

The rally was also helped along by broader macro concerns, including Moody's recent downgrade of U.S. sovereign debt, which added to the narrative of Bitcoin as a hedge against fiat instability,

Butterfill noted

$150,000 no longer looks ambitious - it looks cautious,

he wrote in a note

Unlike previous cycles, this rally is not momentum-driven alone,

said Julia Zhou, COO of crypto market maker Caladan

It has been a slow motion grind into new all-time highs,

said Joshua Lim, global co-head of markets at FalconX Ltd

A sustained break above $110,000 is needed to trigger the next leg higher towards $125,000,

he added

Now that January's high has been surpassed — and the 50 percent upside from April's lows has been achieved — bitcoin enters blue sky territory with tailwinds in the form of institutional momentum and a favorable U.S. regulatory environment,

Antoni Trenchev, co-founder of digital asset trading platform Nexo, said in an emailed comment