Finance

Bitcoin is heading towards a new all-time high of $69,000.Experts predict $200,000 is in sight


Bitcoin’s recent rally has brought it within striking distance of all-time highs, but some experts say it’s just the beginning.

The most popular cryptocurrency surged to $63,100 before retreating slightly on Friday afternoon, according to CoinGecko data. The coin is up more than 30% year-to-date and is up nearly 170% compared to the same period last year.

Now it’s only a few thousand dollars away record high At the height of the 2021 cryptocurrency bull market, Bitcoin hit $69,044, and experts predict this cycle could finally see Bitcoin breakout The coveted six-digit mark.

Approval of ETFs issued by mainstream financial institutions, such as BlackRock and FidelitySteven Lubka, managing director and head of private clients at Swan Bitcoin, said this has helped drive investors toward cryptocurrencies. wealthExchange-traded products make it easier than ever for retail funds to buy and for people to add Bitcoin exposure to their accounts. retirement accountThat could help convince some opponents, he added.

“People who were once skeptical are now open-minded,” Lubka said.

Although Lubka warned that no one has a crystal ball, he said that Bitcoin could reach $300,000 in the next year and a half due to inflows into Bitcoin ETFs.Cash inflows are partly due to Marketing and Promotion As far as the issuer is concerned.However, the ETF trades at only approx. two months, Lubka said the company has more preparations.

“I have good evidence that the promotions haven’t really started yet,” he said. “We’re in the first phase of their marketing efforts. I’m hearing this directly from some of the issuers.”

Even though newcomers are putting only a small portion of their holdings into cryptocurrencies (a survey by Fidelity) research notes Lubka said it recommends a 2%-4% allocation to the asset), which still equates to billions of dollars in investment — something that is already starting to be reflected in inflows into the most popular Bitcoin ETFs.

On Friday, the largest ETF, BlackRock’s iShares Bitcoin Trust (IBIT), jumped to Assets under management reach US$10 billion Single-day inflows reached a record $612 million. According to data, year-to-date Bitcoin inflows of $7.7 billion have exceeded all inflows since 2021, a year when Bitcoin hit a record high. Bank of America Global Research’s Flow Show team is led by investment strategist Michael Hartnett.

Zach Pandl, managing director of research at Grayscale, which issues spot Bitcoin ETFs, said in a statement that on average, U.S. spot Bitcoin ETFs generated $212 million in revenue per calendar day in February.

Another reason for Bitcoin’s recent rise is the upcoming “halved”, the bill would halve the cryptocurrency rewards issued to miners who successfully issue Bitcoin on the blockchain sometime in April in order to reduce the speed at which Bitcoin enters circulation. William Quigleyco-founder of the stablecoin Tether and WAX blockchain.

Although Quigley cautioned that the data is limited, he added that Bitcoin could rise further based on the past three halvings, which have boosted the price of Bitcoin many times over.

He added that based on historical trends, Bitcoin’s price typically peaks within six months of a halving before falling sharply 18 months later, although he said Bitcoin’s price should stabilize at pre-halving levels. above the price.

“I would probably say to people, if you’re going to get involved in Bitcoin, do it before November 2024,” he said.

quigley told wealth He believes the price of Bitcoin will continue to rise, but he warned investors not to fall into a herd mentality. He predicts that the bull market may begin in October or November and last about a year, with Bitcoin peaking at $250,000.

Still, Quigley warned that if sentiment around Bitcoin changes in the future, investors could get caught up in the hype and suffer losses unless they are able to hold on for the long term.

“I tell anyone who is thinking about getting into Bitcoin, if I can’t hold it for at least five years, I’m not going to buy it,” he said.

This story was originally published on wealth network



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