Bitcoin Approaching $70, Potential to Reach Over $100,000
In recent news, the price of Bitcoin is once again approaching the $70 level. This surge comes after rumors of the SEC approving an Ethereum spot ETF, which caused Bitcoin to soar to nearly $72,000, a peak not seen in two months. Despite experiencing a significant pullback following the approval of Ethereum ETFs, Bitcoin made a strong recovery at the start of the weekend.
Market forecasts now suggest that if Bitcoin can maintain its upward momentum, it has the potential to reach a new all-time high of over $100,000. A cryptocurrency trading expert known as TradingShot highlighted this possibility in a recent post on TradingView. They believe that Bitcoin, the largest cryptocurrency in the market, is expected to enter a new phase of growth and see increased prices following a post-halving period. The Bitcoin halving event occurred on April 19.
This projected growth aligns with historical patterns observed in previous Bitcoin cycles, indicating the potential for a substantial rally to reach a price of $150,000.
Tom Lee, a veteran industry commentator and managing partner at Fundstrat Global Advis, also expressed an optimistic forecast for the Bitcoin price. In an interview with CNBC, Lee shared his belief in a meteoric rise for Bitcoin in 2024. He predicts that Bitcoin is on track to reach $150,000, breaking new barriers and achieving an unprecedented price. Fundstrat’s “base case” predicts that the price of Bitcoin will reach six figures by 2024.
Lee stated, “We think Bitcoin is still at the beginning of a bull cycle, so the idea that it could reach $150,000 this year is still within our base case.”
As of now, the price of Bitcoin is quoted at $68,983.49, experiencing a 2.4% increase in the last 24 hours. Over the past week, BTC has seen a 3.1% price increase.
Please note that the views and opinions expressed in this article are for informational purposes only and should not be considered financial or investment advice. Investing or trading cryptocurrencies carries a risk of financial loss.
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