Bitcoin Price Surges to New Highs in Euros and Pounds 🚀

The Bitcoin Price Surges to New Record Highs in Euros and Pounds

The price of Bitcoin has reached new all-time highs in euros and British pounds, indicating the continued bullish momentum for the cryptocurrency. BTC/EUR surpassed €60,000 during early Monday trade, briefly exceeding €62,000 during US trading hours. BTC/GBP also hit £53,000, surpassing its previous record peaks in 2021. In US dollar terms, Bitcoin crossed $67,000 and is now within 3% of its November 2021 record high at $69,000. With just four days into March, Bitcoin has already experienced a 10% increase in value following February’s 44% price surge.

Bitcoin Price Reaches New Highs Amid Exodus of BTC Tokens from Exchanges

The introduction of new spot Bitcoin ETFs in the US has contributed to the parabolic rise in Bitcoin’s price this year. The launch of these ETFs has been highly anticipated and successful, with BlackRock’s spot Bitcoin ETF amassing $10 billion in assets under management in just seven weeks. This makes it the fastest-growing ETF in history. By comparison, it took the first gold ETF over two years to reach $10 billion. Other firms such as Fidelity and Ark have also launched spot Bitcoin ETFs, resulting in a significant increase in demand for BTC tokens.

This surge in demand comes at a time when Bitcoin supply is being squeezed, as BTC tokens held on exchanges dropped by over 63,000 coins last week. Traders and investors are increasingly opting for self-custody of their coins, implying lower sell pressure. Additionally, the upcoming halving of the Bitcoin issuance rate to miners in April is expected to further reduce sell pressure.

What’s Next for BTC?

Traders are unlikely to stop driving up the price of Bitcoin until it reaches new record highs in US dollar terms. Market psychology often places importance on key levels being hit, such as the previous record high of $69,000. Once this milestone is reached, short-term speculators may take profits, leading to a temporary dip in price. However, given the bullish fundamentals and the influx of longer-term buyers, any dip is likely to be short-lived.

If Bitcoin surpasses its previous record high, it could quickly soar above $70,000 as shorts get wiped out, similar to what happened when the price exceeded $64,000 and $53,000 in recent weeks. The next major psychological target for BTC would be the $100,000 level. To predict where Bitcoin might go next, traders will need to utilize technical tools and valuations.

Fibonacci Extension Levels

A Fibonacci extension from the 2022 bear market lows back to the 2021 bull market highs puts the 1.618 fib level at $102,000
The 2.618 fib level is at $156,000
The 3.618 fib level is at $210,000

While reaching these levels may seem farfetched, Bitcoin was able to reach similar Fibonacci extension levels during the previous bull market cycle. If Bitcoin replaces gold as the global reserve asset, it could potentially achieve a market cap of over $14 trillion, implying a price per BTC of more than $666,000. Although it may take a decade or more to reach such levels, it is not unrealistic for Bitcoin to reach hundreds of thousands of dollars in value by 2024/2025.

Hot Take: The Bitcoin Price Hits New Highs and Shows No Signs of Slowing Down

The price of Bitcoin has soared to new record highs in euros and pounds, as well as nearing its previous peak in US dollars. This surge in price is driven by the introduction of spot Bitcoin ETFs, which have attracted billions of dollars in assets under management. The increasing demand for BTC tokens, coupled with a decrease in supply on exchanges, suggests that the bullish momentum for Bitcoin is likely to continue.

Traders are eagerly anticipating the cryptocurrency’s climb to new all-time highs in US dollar terms. Once this milestone is reached, short-term speculators may take profits, causing a temporary dip in price. However, the overall bullish fundamentals and the entry of longer-term buyers are expected to support the upward trajectory of Bitcoin.

As Bitcoin approaches the $100,000 level, traders will need to rely on technical tools and valuations to predict its future movements. Fibonacci extension levels provide potential targets for the cryptocurrency’s price. While reaching these levels may seem ambitious, Bitcoin has demonstrated its ability to achieve similar milestones during previous bull market cycles.

In conclusion, Bitcoin’s price surge shows no signs of slowing down. With ongoing positive developments in the cryptocurrency market and increasing institutional adoption, it is likely that Bitcoin will continue to break new records in the near future.