The cryptocurrency market seems to be entering another bullish phase. Bitcoin (BTC) has reclaimed the $117,000 price level, and the global crypto market cap has hit $4.15 trillion. According to CoinGecko data, BTC is currently just 5.6% away from its all-time high of $124,128. Following Bitcoin’s (BTC) climb to an all-time high is Ethereum (ETH), which is 8.4% away from its peak.

Will Bitcoin and Ethereum Hit New All-Time Highs This Week?

Binance’s BNB coin hit an all-time high of $962.08 earlier today. Given the close proximities to their respective peaks, it would appear that BTC and ETH are also in pursuit of new all-time high price levels.

The latest crypto market rally could be due to high expectations of a rate cut. Despite inflation figures rising to 2.9% in August, there is an incredibly high likelihood of the Federal Reserve rolling out its first interest rate cut of 2025 later this month. Bitcoin (BTC) and Ethereum (ETH) will likely continue their respective rallies over the coming weeks if the Federal Reserve takes a dovish stance.

Also Read: Bitcoin and Altcoins Swing as Fed Rate Cut Fuels Crypto Rally

Bitcoin (BTC) and Ethereum (ETH) have also seen consistent ETF inflows over the last few weeks. ETF inflows and corporate treasury buys have played a substantial role in the currency market cycle. Pairing that with an interest rate cut could push both assets to never-before-seen price levels.

CoinCodex analysts expect Bitcoin (BTC) to maintain its rally over the coming months, facing a slight dip in November. The platform predicts BTC will hit a new all-time high of $136,766 on Dec. 12. Hitting $136,766 from current price levels will entail a rally of about 16.85%.

Like for Bitcoin (BTC), CoinCodex also anticipates Ethereum (ETH) to continue its current upward trajectory.

The platform predicts ETH will hit an all-time high of $7573.21 on Dec. 14. Hitting $7573.21 from current price levels will lead to a rally of about 67.48%.