Bitcoin, the first and largest cryptocurrency by Market Cap, has been surging for the past few months and according to different sources, the token’s market cap has seen a rise of 50% in the last month and around 150% in the last 6 months.
The token is now within striking distance of its highest price ever as it broke $65,000 for the first time on Monday since 2021.
Bitcoin crossed the record-breaking limit of $1.3 trillion in market cap which is the highest for any publically traded companies.
Even after such huge improvements and growth, experts calculate that the token has more to offer and the value is expected to reach its all-time high soon.
Spot Bitcoin exchange-traded funds were approved in the United States in early 2024 and the launch gave way and attracted a large number of investors.
This new launch also helped to reignite the popularity and momentum that resembled the events that led to the all-time high of the coin which was marked in 2021.
According to the statement from Markus Thielen who is currently the head of research at crypto analytics house 10x in Singapore, the flows are not drying up as the investors are more confident the higher price appears to go.
Following the current trend and the surge in the value of the coin, traders are betting and hoping that the price will soon cross its record of almost $69,000 which was achieved in November 2021, during the time of the Covid pandemic.
The strong demand for ETFs and the concern of missing out ahead of Bitcoin halving which is expected to take place in April this year supports their hope and confidence too.
The Bitcoin halving, which is the process of cutting down the rewards for mining in half, is expected to bring down the supply growth of the coin, which would help with its demand squeeze.
Crypto analyst Guy Turner of Coin Bureau is another pone notable figure who saw the possibility of Bitcoin further increasing its value and he has expressed his expectations of the token through his much-followed YouTube channel.
His channel has over a million subscribers and in one of his videos posted on his channel in early 2024, Turner discussed his top picks for the coming year and Bitcoin was a token that he included in his list.
In his video, Turner seemed quite sure and hopeful that Bitcoin will set an all-time high in 2024. He supported his claim by citing the history of the coin and its performance record for the past years.
Turner said that the coin has a history of surpassing its previous all-time high value around a year before its cycle high.
Turner also pointed out examples from 2016, 2017, 2020, and 2021 to support his views where the token surpassed its previous cycle high.
Turner made his predictions regardless of the approval status of spot Bitcoin ETFs but they were approved in early 2024 and this approval has helped to bring in huge amounts of institutional buyers and has acted as another catalyst for the price surge.
Along with the ETF, the upcoming Bitcoin halving is also said to add more effects to the price surge. The next Bitcoin halving, which is expected to take place by the end of April 2024 is said to limit the number of new tokens that are put into circulation each block and will effectively decrease the rate at which the supply increases.
Also, along with all these different factors that have contributed to the sudden and huge surge in the values, liquidity is another major factor that needs to be considered too.
With all these different patterns, it can be easily noted that Bitcoin appears to follow its old patterns and signs which points towards another huge increase in its price.
With the Bitcoin halving set to take place in the next month, exports and enthusiasts of the coin are eager to see how Bitcoin moves in the coming months and will the coin be able to repeat history and make the greatest comeback ever.
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