The BTC/USD pair rose by 2.43% in the last 24 hours, reaching $109,500, with trading volume increasing by 20% to $56 billion. The main driver behind this rise is Bitcoin’s synchronized movement with the global M2 money supply. The M2 money supply has reached an all-time high of $55.48 trillion. 

Additionally, Coinglass data supports the upward trend. A 7.28% increase in open interest on BTC futures indicates a generally bullish market. 

Peter Brandt’s Bold Bitcoin Prediction: $140K Target in Sight 

The analyst emphasized Bitcoin is in a strong breakout pattern in a chart shared on the X platform. Brandt questioned, “Isn’t this bearish flag too obvious to fail?” According to Brandt, after this breakout, BTC is aiming first for $104,000, then $140,000. This outlook aligns with forecasts from major institutions like Standard Chartered and is supported by the Global M2 curve that Bitcoin has followed consistently since early 2024. 

Is this bear flag (yellow box) so obvious to everyone so as to not work?
Or is this chart about to drop off a cliff?
Just asking. CTB$ pic.twitter.com/x3c9ABwVx5

— Peter Brandt (@PeterLBrandt) July 3, 2025

Arthur Hayes: Bitcoin to $90K Before Jackson Hole 

However, Maelstrom Fund CIO Arthur Hayes is more cautious. He believes June’s CPI data and July’s FOMC decision may tighten market liquidity. The restructuring of the Treasury General Account (TGA) could significantly withdraw liquidity from the market. 

Hayes stated, “The market will move sideways or slightly down until Powell’s Jackson Hole speech.” He highlighted a potential drop to the $90,000–$95,000 range for BTC. Preparing for this scenario, Maelstrom Fund sold illiquid altcoin positions and reduced Bitcoin exposure. 

FOMC and CPI Data to Decide Bitcoin’s Fate 

Ultimately, Bitcoin’s direction will largely depend on economic data and central bank decisions. If inflation falls below expectations, real yields remain low, attracting capital to non-yielding assets like Bitcoin. Furthermore, if the Fed softens its hawkish stance and slows balance sheet reduction, it could trigger a new bull run. 

CPI data and the Fed’s tone will determine the strength of this move. The battle between bulls and bears will become clearer in the coming days. 

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The aftermath? A dramatic wave of long position liquidations, steep price drops, and renewed fears over stability in the Middle East.

Ethereum Leads Selloff Amid $701M Market Liquidation

According to data from CoinGlass, total crypto market liquidations exceeded $701 million, with $618 million consisting of long positions. In the last 24 hours, Ethereum saw $296 million in liquidations, including $269 million in longs—making it the hardest-hit asset among the top 20 coins.

You Might Be Interested In: Elon Musk Talks About the Name of a New Memecoin!

thereum fell by 7.4% to $2,260, while Cardano dropped 7.1%. Bitcoin, by contrast, remained relatively stable, down 1.4% at $102,418. Overall, the global crypto market cap fell by 4.4%, reaching $3.25 trillion, according to CoinGecko.

Prediction Markets Turn Bearish on Ethereum and Iran Tensions

On decentralized prediction platform Myriad, user sentiment shifted sharply bearish on Ethereum, with over 70% expecting it to drop below $2,000 by year’s end.

Meanwhile, on Polymarket, odds that Iran will close the Strait of Hormuz before July jumped to 46%, up from just 9% a day earlier. The probability of closure by year-end reached 57%. However, the chance of the United States formally declaring war on Iran remained low at 2%.

The strikes were carried out using B-2 bombers and submarine-launched Tomahawk missiles, targeting enrichment facilities in Fordo, Natanz, and Isfahan. In a national address, President Trump warned that “any retaliation by Iran will be met with force far greater than what was witnessed tonight.”

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