TL;DR
- Bitcoin hits a new all-time high of $69,210 USD.
- Market optimism and institutional adoption drive the crypto price rise.
- BTC is expected to continue its bullish trajectory, with forecasts to reach between $100,000 and $150,000 in the next 12-18 months.
Bitcoin (BTC), the leading cryptocurrency, has achieved a significant milestone by surpassing its previous all-time high and reaching an impressive figure of $69,210 USD.
This achievement marks a pivotal moment for the cryptocurrency, as it is the first time since November 2021 that BTC has reached a new ATH in US dollars.
With a fleeting wick to $69,210, #Bitcoin has set a new ATH in USD for the first time since Nov 8th 2021.
A deep and well earnt congratulations to all who perservered through the long and challenging bear! This is for you. pic.twitter.com/RIZzAwYyET
— glassnode (@glassnode) March 5, 2024
The recent rise in the price of BTC has been driven by a combination of factors.
First of all, the market’s optimism stands out regarding the next Bitcoin halving, scheduled for this summer.
This event, which halves the reward for Bitcoin miners, has historically been associated with significant increases in the price of the cryptocurrency.
Additionally, the US Securities and Exchange Commission’s (SEC) approval of spot Bitcoin ETFs has generated renewed interest in BTC from financial institutions and Wall Street.
These ETFs allow investors to access BTC in an easier and more regulated manner, which has led to an increase in demand for the cryptocurrency.
The rise in institutional interest in Bitcoin is reflected in the growth of open interest in Bitcoin futures on the global derivatives exchange CME, as well as the increase in the number of entities holding large amounts of BTC.
These indicators suggest growing confidence in Bitcoin as a store of value and long-term investment asset
However, despite this widespread optimism, some experts warn of the possibility of a correction in the market due to its inherent volatility.
Although a correction may be inevitable in the short term, many believe that it will not be a long-term anomaly and that BTC will continue its bullish trajectory in the coming months.
There is even speculation that the price of BTC could reach between $100,000 and $150,000 in the next 12-18 months, according to experts such as Mike Novogratz.
This forecast reflects confidence in the crypto long-term growth potential and its growing acceptance among both retail and institutional investors.
The recent rise in Bitcoin price reflects not only market optimism, but also the growing recognition of BTC as a legitimate and valuable asset in the global financial landscape.
With the momentum generated by Bitcoin ETFs and the upcoming halving, BTC appears to be on track to reach new milestones and cement its position as the world’s leading cryptocurrency.
