The price of Bitcoin (BTC) has surged to new record highs, surpassing $69,000 on Coinbase.
According to TradingView, BTC/USD peaked at $69,324.58 on the exchange before retracting to around $65,000.
The immediate retreat from these historic highs isn’t unexpected. Many investors and traders tend to capitalize on such milestones by cashing in profits.
Bitcoin’s recent surge can be attributed to heightened demand from spot Bitcoin ETFs. On Monday, net inflows into these ETFs reached a new peak, with FBTC seeing a surge in inflows while GBTC outflows moderated.
According to Lyn Alden, approximately $8 billion in cumulative net inflows into the new ETFs since January has contributed to a $300 billion increase in Bitcoin’s market capitalization.
The sudden surge in new ETF demand precedes an impending Bitcoin supply shock. In April, Bitcoin’s “halving” will reduce the rate of new BTC token issuance to miners by 50%, significantly alleviating sell pressure from miners.
Furthermore, global liquidity conditions are poised to strongly support the crypto sector in the upcoming years. The Federal Reserve is anticipated to initiate interest rate cuts this year, with most other major central banks expected to follow suit shortly after, easing their policies.
Consequently, investors and swing traders are likely to perceive the recent drop in Bitcoin’s price from its all-time highs as a favorable opportunity to buy the dip.
Bitcoin Price Prediction – $100,000 Coming This Month?
If traders aggressively seize the opportunity to buy the current price dip, a return to all-time highs for Bitcoin is highly probable.
Once Bitcoin decisively surpasses its previous record levels from 2021, notably $69,000, it could trigger a fresh wave of buying pressure.
With no significant resistance levels from past price action, traders are likely to focus on prominent “round numbers” as potential targets.
For instance, after surpassing $69,000, traders might set their sights on milestones such as $75,000, $80,000, $90,000, and ultimately $100,000.
Is it conceivable for Bitcoin to surpass all these levels, including $100,000, within this month?
History demonstrates that once Bitcoin breaches fresh all-time highs, its rallies tend to gather momentum and accelerate.
Indeed, historical precedents offer compelling evidence. For instance, when Bitcoin surged above the record highs of December 2017, reaching $19,800, in December 2020, it swiftly climbed to nearly $65,000 within a short span.
A parallel narrative unfolded in 2017 when Bitcoin surpassed its previous record highs from 2013. Similarly, the rally in 2013 gained momentum after breaking the record highs set in 2011.
The presence of positive fundamentals, including heightened ETF demand, impending halving events, and an improving liquidity landscape, reinforces the notion that this time won’t be any different.
Given these factors, the prospect of Bitcoin reaching $100,000 this month seems entirely feasible.
Bitcoin Alternative to Consider
Bitcoin stands poised to potentially double its current value in 2024, which is indeed impressive. However, for investors seeking even greater returns, there’s an alternative worth considering: Green Bitcoin (GBTC).
GBTC presents a high-risk, high-reward opportunity compared to Bitcoin. It’s a novel token that offers users the chance to earn profits by forecasting Bitcoin prices, adding an enticing gamification aspect to the investment process. Moreover, GBTC incorporates environmental considerations, making it particularly attractive to the cryptocurrency community, which increasingly values sustainability.
The presale for GBTC has already garnered close to $2 million in funding, with this figure continuously increasing as interest grows. This early enthusiasm underscores the potential of GBTC as an alternative investment avenue in the dynamic cryptocurrency landscape.
