Here it is. Bitcoin’s new all-time high is finally here and the crypto markets are rejoicing.
More than 2.5 years after the world’s largest cryptocurrency reached an ATH of over $69,044, BTC has finally surpassed that level on the price charts. This was done by registering an increase of 3.24% in the last 24 hours and 20.69% in the last 7 days. It crossed the $69,000 mark on Bitstamp and Coinbase.
Source: BTC/USD, TradingView
A walk driven by…
The timing of this new ATH is important, especially since it takes place months before Bitcoin’s highly anticipated halving in the summer.
The performance of the world’s largest cryptocurrency is also a product of market optimism, as the SEC finally agreed to spot BTC ETFs earlier this year. In fact, Bitcoin has risen more than 50% on the price charts since then.
Simply put, most people in the market expect that a combination of tighter supply after the halving and increased demand for BTC through these ETFs will push the world’s largest cryptocurrency to unprecedented price levels.
As AMBCrypto reported a few days ago, BTC’s latest price increase comes amid significant institutional interest. For example, according to Coinglass, the Open Interest (OI) in BTC Futures on global derivatives exchange CME rose to a record high of $9.3 billion.
Source: Coinglass
Similarly, AMBCrypto found that institutional love for Bitcoin has risen in recent months, with entities holding at least 1K coins up more than 5% on a YTD basis.
Source: Glassnode
Is a correction looming?
That said, given the volatility of the market, a correction could be coming soon. However, most experts believe this is unlikely to be a long-term anomaly.
In fact, most experts like Mike Novogratz to believe that the world’s largest cryptocurrency could rise to somewhere between $100,000 and $150,000 in the next 12 to 18 months.