Bitcoin Bulls Unleashed: Is $70,000 Next? Experts Weigh In

    Bitcoin (BTC) surged past the $63,000 mark on Wednesday, reaching heights unseen since the peak of the 2021 bull market. This remarkable rise coincides with a substantial influx of capital into U.S.-traded spot Exchange-Traded Funds (ETFs), which added over 12,000 bitcoins on Tuesday, following a similar trend on Monday. Investors are eyeing the upcoming “bitcoin halving” event in April, historically associated with reduced issuance and strong price appreciation.

    Bitcoin to hit new ATH?

    The cryptocurrency’s recent momentum has been staggering, with its price climbing relentlessly over the past few months, accelerating notably this week. Just days ago, Bitcoin languished below $51,000, only to swiftly surpass $60,000 before breaching the $63,000 milestone.

    At present, Bitcoin boasts a more than 10% increase over the past 24 hours, while the broader CoinDesk 20 Index, encompassing major cryptocurrencies, has surged by 7.8% within the same timeframe.

    Bitcoin’s ascent beyond $60,000 for the first time in over two years has reignited memories of the previous bull run, with investors eager to seize opportunities amid fears of missing out (FOMO) on potential gains. Timo Lehes, co-founder of blockchain firm Swarm, expressed astonishment, noting, “This is insane,” while predicting further capital inflows into the market.

    The recent approval for the launch of spot Bitcoin ETFs by U.S. regulators, including from heavyweights like BlackRock and Invesco, has opened floodgates for institutional investment. These ETFs now collectively hold approximately 303,000 bitcoins, valued at $18 billion, representing around 1.5% of the total Bitcoin supply.

    Analysts, such as Simon Peters from trading platform eToro, anticipate the ongoing influx of funds through Bitcoin ETFs could propel the cryptocurrency to break its all-time high imminently. Concurrently, a broader rally in traditional financial markets, fueled by optimism surrounding companies like Nvidia and their advancements in artificial intelligence technology, has driven U.S. and European stocks to record highs in recent weeks.

    As Bitcoin continues its historic climb, investors remain riveted, eagerly awaiting whether the cryptocurrency will rewrite its previous milestones and reshape the landscape of digital finance once again.

    Stay in the Loop

    Get the daily email from CryptoNews that makes reading the news actually enjoyable. Join our mailing list to stay in the loop to stay informed, for free.

    Latest stories

    - Advertisement - spot_img

    You might also like...