Bitcoin is once again approaching the $70 level, sparking anticipation among cryptocurrency enthusiasts. The recent rumors of an imminent approval of an Ethereum spot ETF by the SEC caused Bitcoin’s price to skyrocket to nearly $72,000, a peak not seen in almost two months. Although there was a significant pullback after the approval of Ethereum ETFs, Bitcoin quickly recovered at the start of the weekend.
Experts in cryptocurrency trading are now predicting that if Bitcoin can maintain its upward momentum, it has the potential to reach a new all-time high of over $100,000. One such expert, known as TradingShot, highlighted in a recent post on TradingView that the largest cryptocurrency in the market is expected to enter a new phase of growth and price appreciation after a post-halving period. The Bitcoin halving event occurred on April 19.
This anticipated growth aligns with historical patterns observed in previous Bitcoin cycles, suggesting the possibility of an unprecedented rally that could push the price to $150,000.
Adding to the positive outlook for Bitcoin, Tom Lee, a veteran industry commentator and managing partner and head of research at Fundstrat Global Advis, also shared an optimistic forecast. In an interview with CNBC, Lee expressed his belief that Bitcoin is on track to reach $150,000 in 2024, surpassing all previous records. Fundstrat predicts that Bitcoin’s price will reach six figures in the “base case” scenario by 2024.
Lee stated, “We think Bitcoin is still at the beginning of a bull cycle, so the idea that it could reach $150,000 this year is still within our base case.”
As of now, the price of Bitcoin stands at $68,983.49, showing a 2.4% increase in the last 24 hours and a 3.1% increase over the past week.
It’s important to note that the views and opinions expressed in this article are for informational purposes only and should not be considered financial or investment advice. Investing or trading in cryptocurrencies carries a risk of financial loss.
In conclusion, Bitcoin’s recent surge in price and positive market forecasts have created a sense of excitement among investors, with experts predicting the potential for a new all-time high and even reaching $150,000 by 2024. The future of Bitcoin remains uncertain, but the current signs indicate a promising trajectory for the world’s largest cryptocurrency.