Bitcoin (BTC) is on the rise, aiming for its all-time high of $69,000. Not only is the price surging, but Bitcoin’s market capitalization has also hit a new milestone. This surge signifies a significant shift in the digital currency landscape, capturing the attention of investors worldwide.
The Bitcoin (BTC) price has climbed by another 6% in the last 24 hours, nearing its new all-time highs. Currently, Bitcoin is trading at $66,675, with a market cap of $1.3 trillion. Notably, Bitcoin’s weekly gains have surpassed 19%.
Moreover, there has been a remarkable surge in MicroStrategy’s stock, soaring to levels unprecedented in the past twenty years. This surge is driven by the company’s steadfast dedication to increasing its Bitcoin holdings.
Is Bitcoin Heading for a Price Surge Above $70,000?
As we found on CoinMarketCap, Bitcoin’s current market price of $68,000 is closely approaching its all-time high (ATH), showing just a 0.9% difference. The overall market sentiment remains relatively neutral compared to past bullish cycles.
While many altcoins and meme coins are experiencing a bullish rally, bitcoin showing neutral sentiment offers a promising outlook for maintaining the rally. This sentiment, combined with some skepticism among traders, indicates the possibility of short position liquidation, potentially driving a rally above $70,000 and beyond.
Also Read: Bitcoin Surpasses $68,000: Why is BTC Up Today?
Moreover, Liquidation data from CoinGlass reveals over $134 million in liquidations on the Bitcoin network. Among these, close to $105 million accounts for short liquidations. On the other hand, significant inflows persisted in Bitcoin ETFs throughout the last week.
As per our technical analysis, Bitcoin prices can hit a new ATH level of $70k by the end of March 2024 if the current market positive trend continues.
BTC’s Technical Analysis and Future Scenarios
Recent reports indicate that BlackRock has submitted filings to acquire Bitcoin ETFs for its Strategic Income Opportunities Fund, potentially driving upward momentum for Bitcoin.
Furthermore, Stanford University’s Blyth Fund has allocated around 7% of its portfolio to Bitcoin, underscoring the increasing institutional interest in the cryptocurrency.
MicroStrategy, renowned for its Bitcoin acquisition approach, experienced a significant stock price spike, reaching $1,334 per share – the highest in almost twenty years.
As per our expert’s technical analysis and historical performance, Bitcoin can hit a new ATH level or $70k mark within a few days, most within 24 hours. If Bitcoin breaks $70k, the next major milestone will be 75K which will hit by the end of March 2024.
Disclaimer
The information in this article should not be considered financial advice, and the OvenAdd platform is intended only to provide educational and general information. Please conduct your own research and consult a financial advisor before making any investment choices.
