Bitcoin on track to break its all-time record

The price of the cryptocurrency bitcoin has exceeded $61,000. Bitcoin is on track to reach $64,400, its record set in November 2021.

This strong appreciation is explained by sector specialists by the stabilization of this market after the approval of a spot Bitcoin ETF in the United States.

As of 02/28/2024 at 10:00 a.m., the price of Bitcoin stands at nearly $62,000.

But these same specialists expect that the next halving will also play a role in the appreciation of this cryptocurrency. Halving refers to the point in a four-year cycle when bitcoin mining rewards are cut in half. The crypto industry and investors expect the next halving to take place next April. Everything that is mined at the moment therefore brings in twice as much as what will be mined from next April.

Stop or still?

Along with the rise in the price of bitcoin, trading volumes on bitcoin ETFs have also increased significantly. The Grayscale Bitcoin Trust recorded $2.4 billion in trading volume on February 27.

As the price of bitcoin continues to rise, industry experts are revising their price targets upwards. Jamie Coates, a crypto analyst at Bloomberg Intelligence, believes bitcoin will reach at least $100,000 by 2025. Peter Brandt, a prominent American investor expects the bull cycle to continue until around August-September 2025. It also raised the bull cycle high from $120,000 to $200,000.

On the other hand, many analysts are warning us to avoid a surge in the price of bitcoin. They claim that a sharp correction is likely to occur in the middle of the bull cycle. Cryptocurrency analyst Michael van de Poppe predicts that the price of bitcoin could fall to between $40,000 and $42,000 after the halving.

However, in the meantime the global cryptocurrency market is supported by the rise in the price of bitcoin. On February 27, the total market capitalization of all cryptocurrencies exceeded $2.14 billion. This is the first time since 2021 that the rise in the price of bitcoin is behind the growth of the cryptocurrency market.

Source: “ZDNet Korea”

Source link -97