Prasanna Peshkar
The crypto scene is buzzing about how Bitcoin’s price keeps skyrocketing! People are thinking it might hit some crazy new highs we’ve never seen before. Right now, Bitcoin price has shot up past $60000, and its total value is over a trillion dollars! Can you believe it? Wondering just how much higher it could go this year? Let’s dive into that!
Bitcoin Price Prediction: What’s the current status?
Hey, so check this out: Bitcoin’s going strong today at $60,355, with a whopping $90.78 billion traded in the last 24 hours. Market cap? A cool $1.19 trillion, and it’s holding onto about 52.85% of the whole crypto market. Oh, and it’s up 6.72% from yesterday!
Remember when Bitcoin hit its peak back on November 10, 2021? It was flying high at $68,770! But it’s had its lows too, like way back on July 17, 2010, when it dropped to just $0.05. Crazy, right? Since then, it hit a low of $15,599 after its all-time high, and a high of $60,665 in the latest cycle. Feeling bullish about its future, especially with the Fear & Greed Index showing 82 (that’s Extreme Greed, folks).
As for its supply, there’s about 19.64 million BTC out there, but it’ll cap out at 21 million. And get this: about 422,984 BTC were minted in the past year alone, with an inflation rate of 2.20%. In the crypto world, Bitcoin’s top dog, ranking #1 in both Proof-of-Work Coins and the Layer 1 sector.
Three Reason Why Bitcoin Price Could Skyrocket Further
Reason 1: BlackRock’s IBIT sees highest ever daily inflow
BitMex Research just dropped some interesting stats: Blackrock’s iShares Bitcoin ETF (IBIT) had its biggest cash splash yet on Tuesday, raking in a hefty $520 million. That’s a huge jump from Monday’s intake of $111.8 million.
And get this: yesterday’s influx into IBIT was even higher than its previous record of $493.1 million set on Feb. 13. It’s no small feat, especially considering it outdid the combined net inflows of all U.S. spot bitcoin ETFs on Monday, which clocked in at $519.8 million.
BitMex Research also noted that overall, the total cash flowing into all spot bitcoin ETFs hit a multi-week high yesterday. Since their launch on January 11, these ETFs have pulled in a staggering $6.7 billion. Looks like the crypto ETF game is heating up!
Reason2 : Retail Activity
Here’s another thing that could be giving Bitcoin a boost: more regular folks getting into the crypto game.
Coinbase spilled the beans on February 15, saying their trading volumes hit rock bottom back in Q3 of 2023. But since then, they’ve seen a clear uptick in everyday folks joining in. Seems like more and more regular Joes and Janes are getting interested, especially with all the buzz around gaming, NFTs, and social media platforms. Looks like the retail side of crypto is really picking up steam!
Reason 3: Bitcoin miners are amassing holdings
In Tuesday’s K33 market report, it’s mentioned that miners are upping their game and stacking more bitcoins as they gear up for April’s halving event. The report points out a notable surge in accumulation rates among publicly listed bitcoin miners over the last three months.
According to K33 analysts, miners have managed to hold onto about 29% of all bitcoin rewards during this time, which is a huge jump from the average of 2.5% seen from January to November. Looks like they’re getting ready for some major action before the halving kicks in!
So, here’s the deal: with miners stocking up more bitcoins before April’s halving event, it could really shake things up with the price. Since they’re holding onto a bigger chunk of the freshly minted coins, there might be fewer floating around in the market.
Less supply, plus steady demand from investors, could easily push prices up. Plus, the fact that miners are showing confidence in bitcoin’s future value by hoarding more coins could get other folks feeling bullish too. But hey, let’s not forget, the final price impact will still depend on a bunch of other stuff like what’s happening in the wider economy and any new rules popping up in the crypto world.
Bitcoin Price On the Way to $1 Million!
With Bitcoin’s price surging by an impressive 158% over the past year, it’s undeniable that it’s been on a remarkable trajectory. Notably, it has outpaced a substantial majority, approximately 76%, of the top 100 cryptocurrencies during this period, even outperforming Ethereum, a significant player in the crypto space.
Moreover, trading above its 200-day simple moving average indicates a sustained upward momentum, suggesting a bullish trend. The recent streak of 20 green days out of the last 30 further solidifies this sentiment, with a success rate of 67%. Additionally, hovering near its cycle high demonstrates the resilience and strength of Bitcoin’s current position.
Combined with its high liquidity, evidenced by its substantial market cap, Bitcoin appears to be primed for further growth. While predicting the exact trajectory of Bitcoin’s price is inherently uncertain, these indicators suggest a promising outlook, with the potential for Bitcoin to continue its ascent and perhaps even reach the elusive milestone of $1 million in the foreseeable future.
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