Bitcoin Breaks All-Time High, Surpassing $70,000 Amid Bullish Sentiments
The leading cryptocurrency by market capitalization reached an unprecedented level, surpassing $70,000 on Friday, concluding a seven-week surge of over 70% and surpassing its previous milestone of $69,000 set in November 2021.
This breakthrough has sparked an optimistic outlook from numerous analysts, anticipating Bitcoin to continue its upward trajectory and reach higher levels soon. A long-time Bitcoin analyst notes the cryptocurrency’s readiness for an epic bullish market, attributing it to a drastic imbalance in supply and demand dynamics.
The Bitcoin analyst draws parallels with the more aggressive market cycles of the past, such as those in 2012 and 2015, suggesting an extremely subtle price decline. In other words, with low supply and patient buying during downturns, Bitcoin’s market is witnessing a notably subdued price reduction.
Bitcoin surged to its highest level at $70,199 on March 8 before experiencing a swift decline. At the time of writing, Bitcoin has risen by 1.23% in the past 24 hours, reaching $68,490.
Bitcoin to $100,000?
Recalling the scenario from early 2017 when Bitcoin reached $1,200, some were skeptical it could be traded at multi-thousand multiples afterward. Many gained substantial profits only to regret later. Now, similar expectations are emerging as Bitcoin is predicted to surpass $100,000.
The anticipation for Bitcoin to reach $100,000 seems more realistic in the options market, with a significant increase in call options at $80,000 and $100,000. The recent shift in positioning increases the likelihood of a more sustainable rise. However, reduced volatility and leverage in options and futures markets suggest that the surge to $70,000 was primarily demand-driven in the spot market. Retail investors typically buy unique tokens in the cash market rather than using derivatives to increase leverage.
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Crypto analyst Ali predicts that whenever Bitcoin surpasses its all-time highs, the market typically takes 8 to 11 months to reach the market peak. With BTC currently at record levels, historical patterns indicate that the next BTC market peak could occur between November 2024 and February 2025.
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