Bitcoin Hits All-Time High Price $69,193
Bitcoin crossed the $69,000 mark for the first time since November 2021, setting an all-time price record.
Bitcoin began its meteoric rise earlier this year, with the bulk of that growth coming from the approval and then trading on the Bitcoin ETFs, which attracted a significant portion of large investors. This sparked new momentum and excitement across the entire cryptocurrency market, which has finally entered a bullish phase after several years of a lull and a string of major setbacks across the sector.
This week started with new records for Bitcoin ETFs. On March 4, crypto funds demonstrated the second-highest daily trading volume of $5.5 billion. BlackRock's IBIT ETF alone had $2.4 billion in trading volume, and assets under management rose to $11 billion.
The second main reason for Bitcoin's continued growth remains the April halving, the anticipation of which is fueling market interest. The event will reduce Bitcoin miners' rewards from 6.25 BTC to 3.125 BTC. Historically, the price of the major cryptocurrency rises in anticipation of this event.
The excitement surrounding the unexpectedly sharp price increase has caused panic in the market and led to some interesting observations. The Fear and Greed Index is at 90, indicating increased greed. Some major exchanges, and Coinbase in particular, have experienced an influx of users. Coinbase has not been able to handle the increased activity and has experienced two major trading disruptions this week.
Open interest in Bitcoin reached an all-time high of $8.66 billion, a figure that also indicates a growing interest in Bitcoin from institutional players.
At the time of writing, Bitcoin was trading at the $69,193.
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Now that Bitcoin has finally broken its all-time high of 2021, many experts are beginning to speculate on the future movement of the price. Many expect that the Bitcoin price could reach and even cross the $70,000 mark by the end of this trading week.
$70K #Bitcoin by end of week
— The ₿itcoin Therapist (@TheBTCTherapist) March 3, 2024
Nevertheless, Bitcoin is still in an overbought zone, indicating a potential early price correction. But even with these indicators, there are even more optimistic forecasts. Analysts believe that Bitcoin could reach the $80,000 mark as it is indicated by record stock market performance and the growing mass adoption of cryptocurrencies.
#bitcoin has closely followed the long term regression line and the supply:demand dynamics as well as liquidity outlook far better today vs 3 years ago
— Thomas (Tom) Lee (not drummer) FSInsight.com (@fundstrat) March 5, 2024
👇@LastCallCNBC @SullyCNBC @fs_insight #mondaythoughts https://t.co/oyKzSPZJXa
Tom Lee made a bold statement regarding the price dynamics of the cryptocurrency. Specifically, Lee expects Bitcoin to reach $82,000 in the near term and could jump to $150,000 by the end of 2024.
Other predictions suggest that Bitcoin will reach the $170,000 mark in this cycle.
#Bitcoin Cycle Top Prediction. 🎯🚀
— Titan of Crypto (@Washigorira) March 3, 2024
🔖 You might want to bookmark this one.
As I've been asked many times to give my Cycle top prediction. Find it below.
Here's my reasoning:
- 1st & 2nd cycles #BTC found its top within or at the top of the 227.20% - 241.40% Fibonacci… pic.twitter.com/a7NL86tGE5
