Bitcoin (BTC) is back in the limelight, reaching new all-time highs of $71,627.95. Currently, Bitcoin is trading at $71,743.67, with a 3.38% increase in the last 24 hours, and bringing BTC Close to breaking the $72,000 barrier. This surge reflects the strong bullish momentum driving the asset’s value.
Many new crypto investors and traders are now actively joining the market, driving the Bitcoin price back up. The consistent achievement of new all-time highs by Bitcoin, like the recent milestone of $71,500, demonstrates robust support for the current rally. This trend is especially notable in light of the upcoming halving event.
The concept of “FOMO” (fear of missing out) is anticipated to have a significant impact on propelling Bitcoin’s rally even higher. Moreover, many altcoins like XRP, SOL, ADA, and SHIB experienced sudden gains of 5% to 10%, and even Ethereum (ETH) surged above $4,000.
Excitement Builds for the Bitcoin Halving Event
The upcoming Bitcoin halving event is scheduled to happen on April 20 and is anticipated to enhance Bitcoin’s bullish outlook. This event will cut mining rewards from 6.25 BTC to 3.125 BTC, reducing the pace of new Bitcoin entering circulation. This reduction in rewards has historically impacted Bitcoin’s price and mining ecosystem.
If we look at the Historical data, Bitcoin price tends to surpass its previous all-time highs after the halving event. For example, during the 2020 halving, bitcoin was priced at $8.7k, and within five months it increased by an astonishing 450% to 61,3000. But, currently, we are experiencing a pre-halving event rally and we believe that Bitcoin may cross $100k by the end of 2024.
Moreover, Robert Kiyosaki, the author of Rich Dad Poor Dad, along with Tom Lee from Fundstrat and Michael van de Poppe, predicted Bitcoin can easily reach $100K in 2024, and possibly hit $300K this year.
BTC ATH 71k. ????????
— Richard Teng (@_RichardTeng) March 11, 2024
With institutional money coming in at this level, we are headed to the Moon ????????
Our Opinion: Bitcoin has recently reached new highs above $71,800, reflecting a surge in optimism and enthusiasm for the cryptocurrency. The upcoming halving event and historical trends indicating potential further growth have heightened interest in Bitcoin as a strong asset class.
As per our technical analysis and market trends, the maximum price of Bitcoin may cross $89,319.62 by the end of 2024 if the current market bullish trend continues. So, what do you think? Let’s Chat on the Telegram.
Also Read: Shiba Inu (SHIB) Adoption Skyrockets by 2,000% in March: Is an All-Time High Near?
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.
