After a period of turbulence earlier this month, the digital currency known as Bitcoin has shown signs of recovery. Its price surged to $66,150, marking the first time in nearly a month that it reached this level. Currently, Bitcoin is trading at around $64,000.
A cryptocurrency expert has analyzed the current situation and recent price movements of Bitcoin, indicating that the leading digital currency is poised to continue its upward trajectory and potentially reach a new all-time high.
According to cryptocurrency strategist Michaël van de Poppe, the Ethereum-based cryptocurrency is expected to gain significant momentum following the approval of spot ETH exchange-traded funds (ETFs) by the Securities and Exchange Commission (SEC) in the United States.
“Bitcoin is back in action. We are likely to see further growth towards its all-time high from here. I anticipate a period of consolidation followed by a strong performance from ETH after the ETF listing,” van de Poppe stated in a post online.
Van de Poppe’s analysis suggests that as long as Bitcoin maintains a price above $60,000, it is likely to continue its upward trend.
“Bitcoin is currently consolidating nicely within a four-month range. If it stays above $60,000, we can expect further gains. With gold hitting new highs and yields decreasing, it is only a matter of time before Bitcoin follows suit,” he highlighted.
At the time of writing, the price of Bitcoin stood at $63,983.24, representing a 1.0% decline over the past 24 hours.
Renowned cryptocurrency analyst Ali Martinez recently shared an optimistic analysis of Bitcoin’s price movements, emphasizing the importance of staying above the $62,500 threshold for a potential bullish rally towards new all-time highs.
“Bitcoin must maintain its position above $62,500 to remain bullish and break through $66,250 to reach new record levels!” Martinez noted.
The highest price ever paid for Bitcoin was $73,737.94 on March 14, making the current price 13.27% lower than the historical peak.
Disclaimer: The opinions expressed by the author and individuals mentioned in this article are for informational purposes only and do not constitute financial or investment advice. Investing in cryptocurrencies carries a risk of financial loss.