After a relatively stable start to the week, Bitcoin has showcased its recovery strength in recent days following a recent price surge in the market. Currently, Bitcoin is once again trading above the $70,000 level.
Last week, rumors of an imminent approval of an Ethereum spot ETF by the Securities and Exchange Commission (SEC) caused the price of BTC to skyrocket to nearly $72,000, a peak not seen in almost two months. However, the price of the largest cryptocurrency faced a reversal, dropping below $68,000, influenced by the SEC’s decision on the approval of Ethereum exchange-traded funds (ETFs) on May 23.
The intervention of buyers was crucial in stabilizing the price of the largest cryptocurrency, which managed to recover to $69,500 on Saturday, although without enough strength to surpass the $70,000 mark. In light of the recent market recovery, Bitcoin has once again risen above the $70,000 zone today. Currently, Bitcoin is trading around $70,100, up 2%, with a market capitalization of $1.38 trillion.
By returning to the $70,000 level, Bitcoin is flirting once again with its all-time high. The highest price paid for Bitcoin (BTC) was $73,737.94, recorded on March 14. Comparatively, the current price is 4.89% below Bitcoin’s historical peak.
Cryptocurrency analysis platform Santiment observed that the recent BTC rally reflects a very positive sentiment in the current scenario. “Bitcoin has eclipsed the $70,000 market value once again, while #MemorialDay has put US equity markets on pause. This climb is particularly encouraging, as the positive movement reveals how crypto markets can perform on the rare weekdays where it is not reliant on the primary stock market to which it has been strongly correlated since 2022,” observed Santiment.
In a recent development, if it can sustain its recent upward momentum, market predictions highlight that the price of Bitcoin has the potential to reach a new all-time high, surpassing $100,000.
Analyzing the current scenario, cryptocurrency trader TradingShot highlighted in a recent post on TradingView that the market’s largest cryptocurrency is predicted to enter a new phase of growth and prices after a post-halving consolidation period. The Bitcoin halving event occurred on April 19.
This move aligns with previous patterns seen in historical Bitcoin cycles, suggesting an unprecedented substantial rally towards the $150,000 price.
Disclaimer: The views and opinions expressed by the author or anyone mentioned in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.
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