The price of bitcoin has retested above $70,000, the new ATH.
Spot Bitcoin ETFs are what are driving the coin’s ascent.
Bitcoin’s current price discovery phase is unclear.
Bitcoin (BTC) has reached a tremendous All-Time High (ATH) debut, surpassing $70,000 for the first time in its more than 14-year history.
The Price of Bitcoin (BTC) Will Certainly Rally
The price of Bitcoin (BTC), according to data from CoinMarketCap, is currently trading at $70,083.05, up 2.62% over the previous day. Since the beginning of the year, the growth of virtual currency has been steadily increasing at a parabolic rate.
BTC price, trading around $69,170 earlier this week because of the ongoing excitement in the spot Bitcoin ETF market, has now successfully broken through two ATHs. The commodity has been trading in the US for almost two months, and in that time, the total trading volume has exceeded $100 billion.
The primary cryptocurrency’s supply and demand imbalance has been strengthened by the severity of the BTC accumulation from spot BTC ETF issuers, driving it to an all-time high right now. The investors benefiting most from the increased liquidity from the spot Bitcoin ETF market include BlackRock, Fidelity Investments, and Grayscale Investments.
BlackRock recorded more than $788 million in inflows to support overall growth, setting a significant record since its founding. Now that its all-time high has been broken, BTC is in a price discovery phase with no notion of where it will go.
Professional Forecasts for Bitcoin
The breach of a new all-time high has changed the paradigm for the price of Bitcoin, with many industry leaders’ predictions soon to come true.
Experts such as Samson Mow remain steadfast in their belief that Bitcoin’s value might reach $1 million at some point in the future. Supporters of BTC growth are hopeful that the ongoing acquisition of BTC by spot ETF providers would strengthen the asset’s long-term development prospects by utilizing Dollar Cost Averaging (DCA).
Furthermore, the excitement around the BTC halving has contributed to reviving faith in significant forecasts from industry proponents such as author Robert Kiyosaki of “Rich Dad Poor Dad,” who is confident that the price of Bitcoin (BTC) might reach $300,000 by the end of this year.
Even though these estimates have a tangible sense of certainty, there might be adjustments along the road, given the industry’s massive selloff this week.
