Bitcoin Price Hits Record Highs, More than Just a Bull Run

Bitcoin Achieves New Record Highs in Euros and British Pounds. BTC/EUR Breaks Above €60,000 During Early Monday Trading, Briefly Surpasses It

Bitcoin hits record high in Euros and Pounds – Where BTC goes next

Last updated: March 4, 2024 15:30 EST | 3 min read By Joel Frank

The Bitcoin price just hit new record highs in euros and British pounds. Bitcoin’s value per coin has skyrocketed, surpassing €60,000 in early Monday trade and briefly reaching €62,000 during US trading hours. Not to be outdone, BTC/GBP hit £53,000, surpassing its previous record of around £51,000 in 2021. In US dollar terms, Bitcoin has now crossed $67,000 and is inching closer to the November 2021 record high of $69,000. It’s only the beginning of March, and Bitcoin is already up around 10%. With the unstoppable bullish momentum, it almost feels inevitable that Bitcoin will break its dollar price record this month.

Bitcoin Price Hits Record Highs Amid Massive Exodus of BTC Tokens from Exchanges

The meteoric rise in Bitcoin’s price can be attributed to the introduction of new spot Bitcoin ETFs in the US. These ETFs have become the most hyped and successful launch in history, with BlackRock’s spot Bitcoin ETF accumulating $10 billion in assets under management in just seven weeks. This makes it the fastest-growing ETF ever and far surpasses the growth rate of the first gold ETF, which took over two years to reach the same milestone. Other firms like Fidelity and Ark have also launched spot Bitcoin ETFs, resulting in a massive influx of BTC tokens.

While the demand for BTC is soaring, the supply is being squeezed. Recent data shows that BTC tokens held on exchanges dropped by over 63,000 coins in the past week. This suggests that traders and investors are increasingly taking self-custody of their coins, indicating lower sell pressure. Furthermore, the upcoming halving of Bitcoin’s issuance rate in April will further reduce sell pressure. In addition to these factors, the Federal Reserve’s plan to cut rates later this year adds to the bullish sentiment. As a result, Bitcoin bears seem to have become an endangered species.

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Here’s Where BTC is Headed Next

Traders are unlikely to stop pumping Bitcoin until it reaches record highs in US dollar terms. It’s a typical feature of market psychology, where traders place great importance on key levels being hit. Once Bitcoin breaks its all-time highs, short-term speculators might take some profits, causing a temporary dip. However, with the positive fundamentals mentioned above, any price drop is unlikely to last long as longer-term buyers rush in. Bitcoin could quickly vault above $70,000 for the first time, wiping out shorts just as it did when it surpassed $64,000 earlier this week and $53,000 in late February.

But how high can BTC really go? The next major psychological target is $100,000. Traders will then need to get creative and use various valuation and technical tools to predict its future price. Fibonacci extensions from the 2022 bear market lows to the 2021 bull market highs indicate potential levels. The 1.618 fib level stands at $102,000, the 2.618 fib level at $156,000, and the 3.618 fib level at $210,000. Reaching these heights may seem farfetched, but Bitcoin showed similar growth during the 2020/2021 bull market compared to the 2018 bear market. If Bitcoin becomes the global reserve asset, it could potentially surpass a market cap of $666,000.

Q&A:

Q: What are spot Bitcoin ETFs and why are they important? Spot Bitcoin ETFs are exchange-traded funds that track the price of Bitcoin without any additional derivatives or futures contracts. They allow investors to gain exposure to Bitcoin’s price movements without directly owning the digital asset. The introduction of spot Bitcoin ETFs has brought more institutional investors into the market, leading to increased demand for Bitcoin and driving its price to new record highs.

Q: What impact does the decrease in BTC tokens held on exchanges have on the market? The decrease in BTC tokens held on exchanges suggests that traders and investors are choosing to hold their coins in their own wallets, which reduces the supply available for trading. This lower sell pressure contributes to the upward price momentum of Bitcoin. Additionally, the upcoming halving of the Bitcoin issuance rate will further reduce the available supply, potentially leading to increased scarcity and higher prices.

Q: How likely is it that Bitcoin will reach the $100,000 mark? While nothing is certain in the world of cryptocurrency, Bitcoin’s historical price patterns and current bullish momentum suggest that reaching the $100,000 mark is within the realm of possibility. However, market conditions, investor sentiment, and external factors such as regulatory changes can all influence the trajectory of Bitcoin’s price.

Q: Should I consider investing in Bitcoin? Investing in Bitcoin or any other cryptocurrency carries risks and should be approached with caution. Cryptocurrencies are highly volatile and can experience significant price fluctuations. Before considering investing in Bitcoin, it is important to do your own research, understand the risks involved, and only invest an amount you can afford to lose.

References:

1. CBOE Predicts Spot Bitcoin ETFs Draw Investments from Pension Funds and RIA-Based Funds
2. Spot Bitcoin ETF hits $10 billion
3. Follow Us on Google News

Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.

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