- Bitcoin shatters the $60K barrier, surging towards $61K with remarkable gains in 2024.
- Unstoppable momentum: Bitcoin’s price has skyrocketed 18% this week alone.
- Year-to-date gains are an impressive 40%, fueling bullish predictions for the future of crypto.
The price of Bitcoin has finally shattered the $60,000 mark, surging all the way past $61,000 as unmistakable signs of FOMO propel the leading cryptocurrency towards a potential new all-time high. This dramatic surge comes on the heels of a 18% weekly and 40% year-to-date increase in value.
Analysts have pointed to a confluence of factors driving this remarkable rally. The upcoming Bitcoin halving in April, which will reduce the release of new Bitcoins, historically sparks bullish price action. Additionally, recent US spot Bitcoin ETF launches and developments have opened the floodgates for institutional investment.
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All Eyes on Bitcoin
As Reuters reports, traders have indeed been pouring into Bitcoin during the recent weeks. In a statement, global markets strategist at retail investment platform eToro Ben Laidler says that Bitcoin is “being driven by the support of consistent inflows into the new spot ETFs and outlook for April’s halving event and June’s Fed interest rate cuts.”
Meanwhile, Antoni Trenchev, cofounder of crypto exchange Nexo, expects resistance near the $69,000 all-time high, CNBC reports. However, he believes the $60,000 breakthrough now re-engages investors who have remained on the sidelines.
Joel Kruger, a market strategist at LMAX group, points out: “We’ve always known that we need bitcoin to get to a place where it’s adopted and accepted on a mainstream level and now the doors have been opened up for that to happen.”
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Scenarios for Continued Growth
If Bitcoin maintains its current upward trajectory, surpassing the $69,000 record and potentially reaching even higher valuations becomes a distinct possibility. Industry experts like Ryan Rasmussen at Bitwise have highlighted that the launch of ETFs has spurred unprecedented levels of demand, and that may continue to push Bitcoin’s price upwards.
With this year’s dramatic resurgence of not only Bitcoin but of the crypto market in general, mainstream acceptance of cryptocurrencies may keep on going. In any case, the recent developments and predictions seem to suggest greater potential for yet another groundbreaking period for Bitcoin and the rest of crypto.
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