Bitcoin Achieves Record Highs Against European Currencies
Bitcoin (BTC) has reached a new all-time high against the Euro, surpassing $60,200. This is significant considering the recent depreciation of the Euro against Bitcoin. The European Central Bank (ECB) previously expressed doubts about Bitcoin’s potential as a decentralized digital currency, citing limited use for legitimate transactions and highlighting issues with transaction inconvenience, slowness, and high costs. However, despite these reservations, Bitcoin has seen increased institutional and retail investments, driven in part by the approval and success of Bitcoin spot exchange-traded funds (ETFs).
In addition to its success against the Euro, Bitcoin has also reached all-time highs against 14 G20 currencies, including the Japanese Yen, British Pound, Australian Dollar, Canadian Dollar, Chinese Yuan, New Zealand Dollar, Swedish Krona, and South Korean Won.
Potential Surge to $200k Predicted
Market expert Gert Van Lagen predicts that Bitcoin’s value will continue to surge. With BlackRock’s interest in purchasing Bitcoin and a reported scarcity of the cryptocurrency on over-the-counter (OTC) desks, conditions are favorable for a potential surge to $100,000. Van Lagen emphasizes that there is limited resistance to upward movement and suggests that continued buying by spot ETFs at a rate of $900 million per day can drive significant price surges.
Van Lagen’s analysis also suggests that based on historical cycles, once the 1.618 Fibonacci extension of the 2018 bear market is breached, Bitcoin peaks within 2-3 months at the 2.272 extension. Currently, the 2.272 extension projects a potential peak of $207,000.
Looking back at previous cycles in 2013 and 2017, Bitcoin peaked within weeks to months after breaking the 1.618 extension of the bear market. In the current market, Bitcoin has surpassed the 1.618 extension of the 2018 bear market and is expected to peak at the 2.272 extension, estimated to be around $200,000.
Current Market Status
As of now, Bitcoin is trading at $65,300, which is up over 5% in the last 24 hours and over 27% in the last seven days. The cryptocurrency continues its bullish run and is inching closer to its all-time high of $69,000.
Featured image from Shutterstock, chart from TradingView.com
🔥 Hot Take: Bitcoin Continues Bullish Run, Set for Potential Surge 🔥
Bitcoin (BTC) has been on a remarkable bullish run, surpassing $65,000 and achieving all-time highs against multiple currencies. Despite initial skepticism from European authorities, BTC has reached an all-time high against the Euro and other G20 currencies. This success can be attributed to increased institutional and retail investments in Bitcoin and the approval of Bitcoin spot ETFs.
Market expert Gert Van Lagen predicts another substantial price increase for Bitcoin and suggests that conditions are favorable for a surge to $100,000 or even potentially $200,000. With limited resistance to upward movement and continued buying by spot ETFs, significant price surges are expected.
The current market status shows Bitcoin trading at $65,300, demonstrating its continued bullish momentum. With these developments, it will be interesting to see how far Bitcoin’s surge will go in the coming months.
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