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The Bitcoin price rose by over 1% in the past 24 hours, trading at $117,872 as of 3:41 a.m. EST, with trading volume down 10% to $63 billion.
This increase in the BTC price comes as GameStop boss Ryan Cohen said that the company’s recent crypto buys are strictly about protecting the firm from inflation, and not to copy others.
“I look at it as a hedge against inflation and global money printing, and we’ll see what happens,” Cohen said.
BULLISH: Gamestop CEO Ryan Cohen calls $BTC a "hedge against inflation and global money printing." pic.twitter.com/eRgBcYz8nQ
— Crypto Aman (@cryptoamanclub) July 15, 2025
He made the statement days after GameStop bought 4,710 BTC, worth over $500 million.
The US CPI data released yesterday showed that consumer prices rose 2.7% in June as Trump’s trade tariffs started to take their toll, which could result in increased inflation.
As crypto emerges as a hedge against rising inflation, will buyers turn to BTC and push the crypto’s price higher?
Bitcoin Price Eyes New Highs In Bullish Channel
The BTC price has been trading in a well-defined ascending channel since late 2023, consistently forming higher highs and higher lows.
Bitcoin’s price at $117,872 sits near the upper boundary of the channel, suggesting strong bullish momentum, as GeckoTerminal data shows.
According to the Elliott Wave count on the chart, BTC is likely entering the fifth and final impulse wave, which in most cases acts as a climactic rally phase.
The BTC price has consistently traded well above both the 50 ($96,797) and 200 ($74,942) Simple Moving Averages (SMAs), supporting the bullish narrative in the long term.
Meanwhile, the Relative Strength Index (RSI) stands at 69.05, moving just below the overbought zone. While not signaling that Bitcoin is overbought, it does suggest limited upside before a potential short-term cooling.
The Moving Average Convergence Divergence (MACD) indicator displays a bullish crossover, accompanied by widening histogram bars, indicating a resurgence of upward momentum. The MACD line has diverged positively from the signal line as well, adding weight to the bullish case.
Will BTC Prove Peter Schiff Wrong For A Second Time?
Given the ongoing Wave 5 breakout within the bullish channel, the BTC price appears poised to test the upper boundary near $135,000–$140,000 in the coming weeks.
However, a break below the end of Wave 4 support around $100,000 could invalidate the bullish outlook, with the previous support at $97,380 acting as a cushion against downward pressure.
A dip to $100,000 from Bitcoin’s current $119,000 level would likely make Peter Schiff happy, as it would validate his revised prediction that Bitcoin would drop back from its recent highs, aligning with his long-held skepticism of its value.
This correction would reinforce his advocacy for gold and silver, giving him a victory over the crypto bulls who mocked his earlier $100,000 dismissal on Nov. 8, 2019.
Meanwhile, investors are piling into a new BTC-themed meme coin called Bitcoin Hyper (HYPER), which aims to scale the Bitcoin blockchain.
According to 99Bitcoins, a popular crypto channel on YouTube with over 723K subscribers, HYPER could soar 10X after launch.
Bitcoin Hyper Presale Soars Past The $3 Million Mark
Bitcoin has consistently demonstrated strong security, but still lags in terms of speed and flexibility. That’s finally starting to change.
The Bitcoin Hyper presale is now live, introducing something significant: Solana-like speed and smart contracts, built directly on top of Bitcoin.
Bitcoin Hyper integrates with the Solana Virtual Machine (SVM), the technology that enables Solana’s high speed. With the SVM, apps can run with low fees and almost no delays.
Furthermore, the project functions on a decentralized Canonical Bridge, which ensures seamless and secure transfers between Bitcoin’s base layer and BTC Hyper.
Bitcoin Hyper is here to supercharge Bitcoin.
Built on the Solana Virtual Machine, it brings lightning-fast, low-cost transactions to Bitcoin’s ecosystem perfect for payments, meme coins, and powerful dApps.
With zk-proofs and Layer 1 anchoring, it’s fast and secure.
Presale is… pic.twitter.com/qMi0sZb7Ld— halo (@haloETH) May 11, 2025
Investors are betting big on the idea, having pumped over $3 million into the project’s presale.
Additionally, if you buy and stake now, you could unlock a 298% APY; however, this rate decreases as more people join, so timing is crucial.
Investors interested in participating in the presale can visit the official Bitcoin Hyper Token website to buy HYPER tokens for $0.012275 each using crypto or a bank card.
Buy before the next price increase in about 8 hours.
Visit the Bitcoin Hyper website.
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