Bitcoin (BTC), the leading cryptocurrency by market cap, hit a new all-time high of over $70,000 on Friday, capping a seven-week rally of over 70% and surpassing its previous milestone of $69,000 set in November 2021 .
Bitcoin (BTC), the leading cryptocurrency by market cap, hit a new all-time high of over $70,000 on Friday, capping a seven-week rally of over 70% and surpassing its previous milestone of $69,000 set in November 2021 .
The advance has triggered a bullish outlook from several analysts, who expect Bitcoin to continue its upward trajectory and reach even higher levels soon.
Tuur DemeesterA longtime Bitcoin analyst, he believes the cryptocurrency is primed for an epic bull market, citing lower supply and aggressive buying on dips.
The Bitcoin analyst draws a similarity to the most aggressive cycles of the past (2012 and 2015), saying that the Bitcoin market is experiencing minimal price drops. In other words, supply is low and dips are eagerly bought.
Bitcoin hit a high of $70,199 for the first time on March 8 before falling rapidly. At the time of writing, BTC was up 1.23% in the previous 24 hours to $68,490.
Bitcoin at $100,000?
Tuur Demeester recalls a scenario in early 2017 when Bitcoin hit $1,200 and some couldn’t believe it could trade in multiples of thousands afterwards. Many made huge profits only to regret it later, and he predicts the same thing once Bitcoin surpasses $100,000.
Bloomberg reported that Bitcoin projections at $100,000 are apparently becoming more realistic in the options market. This is because call options with strike prices of $80,000 and $100,000 have increased dramatically.
The latest positioning change increases the likelihood of a more sustained rally. On the other hand, lower volatility and leverage in the options and futures markets indicate that Bitcoin’s price rise to $70,000 was primarily driven by spot market demand. Retail investors typically purchase tokens on the spot market rather than employing derivatives to increase leverage.
According Ali, a crypto analyst, every time Bitcoin has surpassed its previous all-time highs, it has often taken 8 to 11 months for the market to reach a market high. With BTC currently at record levels, historical patterns indicate that the next BTC market peak could occur between November 2024 and February 2025, Ali added.
