Bitcoin Surges to New All-Time Highs
The price of Bitcoin (BTC) has reached new all-time highs much faster than analysts had expected. A substantial upswing kicked off a few weeks after the approval of the Bitcoin Spot ETF.
BTC started the week with an intense burst of volatility, as it topped $73K, tumbled to $69K, and then climbed its way back above $70K — all in around four hours. The price is now charting new highs, at the time of this writing.
Bitcoin has surged so rapidly that several market analysts state we are in an “up only” trend, and BTC’s price is poised for further gains.
What’s BTC’s Next Target?
Renowned crypto analyst Ali predicts a key price target for BTC at $83,035 using the Bitcoin MVRV Pricing Bands. MVRV compares the market value of a cryptocurrency to its realized value, helping assess whether it’s overvalued or undervalued based on past investor prices.
A Sell-Side Liquidity Crisis
Ki Young Ju, the founder of CryptoQuant, believes that reaching such levels would mean trouble for Bitcoin shorts. As long as Bitcoin Spot ETF inflows keep coming, bears would struggle to put downward pressure on BTC’s price. Demand significantly outpaces the available supply, considering that BTC ETFs have accumulated nearly $30 billion.
Ju highlighted the significant impact these institutional vehicles have on Bitcoin’s supply dynamics. ETFs alone acquired over 30,000 BTC in a single week.
It’s worth noting that BTC’s surge has led to a significant increase in miner revenues. Daily Bitcoin mining rewards hit a historic high of $78.89 million, surpassing the previous record of $74.4 million set in October 2021.
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