Bitcoin Reclaims Momentum but Six-Figure Milestone Still Elusive

Bitcoin has made significant gains since its July low, climbing above $80,000 last week before slipping back to roughly $79,710 on Friday. This represents a gain of about 38% from the July low and puts the six-figure milestone within striking distance.

The recovery has been broad enough to change the conversation around crypto, with Ethereum also experiencing a significant climb of approximately 56%. However, neither cryptocurrency has come close to reclaiming its 2025 peak, with Bitcoin still well below its roughly $126,000 October high.

While the current move is still considered a recovery rather than a new record-setting cycle, investors are taking note of the substantial capital willing to obtain Bitcoin exposure through regulated exchange-traded vehicles. BlackRock's iShares Bitcoin Trust ETF had about $60.2 billion in net assets as of Sept. 1.

The path to $100,000 is not guaranteed, however, with a gauntlet of macro hurdles threatening to stall the rally. Elevated bond yields, inflation pressure, geopolitical risk, and potentially higher interest rates could limit appetite for speculative assets.