Bitcoin’s record high of $69,000 is just the beginning – Experts say $200K is imminent

Bitcoin’s record high of $69,000 is just the beginning – Experts say $200K is imminent - African News - News

bitcoin, the pioneering cryptocurrency, continues to make waves in the financial world as it marches closer to its all-time high of $69,044. This digital asset, renowned for its volatile nature, is currently hovering just a few thousand dollars below this significant milestone. The anticipation among investors and experts alike is palpable as they look forward to further potential gains.

The Six-Figure Frontier: bitcoin Nears New Heights

As of now, bitcoin trades at $61,912.36 – a mere 0.1% decrease in the last hour and a 0.1% increase compared to yesterday’s value. This digital currency has experienced a substantial growth of 21.3% in the past week, contributing significantly to the overall crypto market capitalization of $2.45 trillion – a change of 2.22% over the last twenty-four hours and an impressive 117.74% increase from a year ago.

bitcoin’s Market Dominance

The current valuation of bitcoin alone stands at $1.22 trillion, giving it a market share of 49.79%. Stablecoins, with a market cap of $143 billion (5.87% of the total crypto market cap), are the second largest segment in this dynamic and growing marketplace.

A New Wave of Investors: Institutions Embrace bitcoin

bitcoin’s recent surge can be attributed to various factors, one of the most significant being increased adoption. Institutional interest has been a key driving force in attracting a wave of new investors to this digital asset class. Financial institutions, such as BlackRock and Fidelity, have endorsed the launch of Exchange-Traded Funds (ETFs), making it easier for retail investors to purchase bitcoin or add bitcoin exposure to their retirement accounts. This has helped sway some skeptics.

Investor Allocation and Inflows

While new investors may allocate only 2%-4% of their holdings to bitcoin, the cumulative investment represents billions of dollars. This influx of capital is evident in the impressive growth of prominent bitcoin ETFs like iShares bitcoin Trust (IBIT) by BlackRock, which reached a record $10 billion in assets under management in March 2022, following a single-day inflow of $612 million.

The Halving Event: A Catalyst for Price Growth

Another significant factor contributing to bitcoin’s recent upward trend is the upcoming “halving” event, scheduled for April 2024. This event will reduce the rate at which new Bitcoins are introduced into circulation by cutting the crypto reward given to miners who successfully issue new coins on the blockchain in half.

A Parabolic Bull Run: The FOMO Continues

Popular bitcoin analyst PlanB predicts that this digital asset is on the cusp of a massive parabolic bull run that will last for the remainder of 2024. According to his analysis, bitcoin has now exited the “accumulation phase,” making this an opportune moment for investors to secure their positions before a period of intense price volatility and potential drops.

PlanB’s predictions gained popularity during the 2021 bitcoin bull market after accurately forecasting multiple monthly closing prices. He is also known for popularizing the bitcoin “stock to flow model,” which predicts future price based on increasing scarcity, with a projected bitcoin price of $532,000 as early as 2026.

Despite bitcoin’s price dropping below $20,000 in 2022, PlanB’s model was criticized for being overly optimistic. However, with bitcoin back above $60,000 per coin, PlanB maintains the validity of his model.

bitcoin February closing price: $61,181 … back to S2F model value,” wrote PlanB on X, March 3, 2022.

With bitcoin’s price continuing to climb and reaching new heights, the cryptocurrency market remains an exciting and dynamic space for investors and observers alike.

For more in-depth analysis of bitcoin, check out our dedicated article on the role of Wall Street in fueling bitcoin’s bull rally.