Bullish tailwinds have boosted the world's largest cryptocurrency in the last week. The token's price broke above $120,000 for the first time on Monday.

The third and final piece of the puzzle is market sentiment. This has the power to move markets up or down extremely quickly. Right now, investors are buoyant. Equity markets are at all-time highs, Bitcoin is at an all-time high, and Nvidia just became the first company to hit a $4 trillion market valuation.

Bitcoin reached all-time high above $123,000 as lawmakers prepare crypto regulatory bills during "Crypto Week," following Trump's pledge to make the U.S. a "bitcoin superpower."