Bitcoin could be heading to $150,000 after spiking to a new all-time high of $112,000 on Wednesday, according to a Bitcoin bull.

“See you at $150k,” Milk Road co-founder Kyle Reidhead said in an X post on Wednesday, referencing a previous post in late June showing a “bullish cup and handle” formation that he said will push Bitcoin to $150,000.

The optimism follows two weeks of tight consolidation, which saw many analysts concerned Bitcoin may not have the strength to pass its former record high in May.

Bitcoin’s much-needed boost

The new all-time high appears to have come at good timing.

Just hours before Bitcoin’s new high, economist Timothy Peterson told Cointelegraph that if Bitcoin doesn’t hit new highs within the next two weeks, the asset likely won’t be able to come close until October.

Market sentiment is increasing, too. The Crypto Fear & Greed Index, which measures overall crypto market sentiment, spiked 5 points to a “Greed” score of 71 out of 100.

Meanwhile, the Altcoin Season Index signals the market is still heavily favoring Bitcoin, with a “Bitcoin Season” score of 26 out of 100.

From a technical standpoint, Bitcoin appears to have broken out of its recent downtrend, according to crypto analyst Matthew Hyland. “BTC confirms daily higher-high and confirms an end to the downtrend that started in late May,” Hyland said in a post on Wednesday.

“Bulls are in control,” Hyland said.

Bitcoin is currently trading at $111,383, according to TradingView data.

“Strong ETF inflows and a solid macro backdrop have helped drive market momentum, but perhaps the most crucial shift is who’s buying,” he added. In July alone, there have been approximately $1.04 billion inflows into US-based spot Bitcoin ETFs, according to Farside data.

Coinstash co-founder Mena Theodorou echoed a similar sentiment. “It is clear that this momentum is being driven by institutions, not retail investors,” Theodorou said.

“Even in the face of global uncertainty, from escalating trade tensions to rising geopolitical risks, Bitcoin has remained resilient,” he added.

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Bitcoin record high catches traders off guard

Not all market participants were anticipating a new Bitcoin high.

Just a day earlier, on Tuesday, Bitfinex analysts said that traders are cautious about buying Bitcoin at its current level, as the cryptocurrency is struggling to find the strength to break above its all-time high.

Bitcoin traders’ leveraged positions also show a similar story. Over the past 24 hours, approximately $217.55 million in Bitcoin short positions were liquidated, according to CoinGlass data.

Data also shows there is $1.6 billion in short positions at risk of liquidation if Bitcoin moves another few thousand dollars to $115,000.

Meanwhile, Santiment sentiment data on Tuesday showed the highest Bitcoin sentiment ratio in the past three weeks. Santiment analyst Brian Quinlivan cautioned that similar spikes in trader optimism were followed by Bitcoin price drops on June 11 and July 7.