Bitcoin Surges to New Record High of $73,000
Bitcoin, the volatile digital currency, saw another record high this week, reaching $73,000. Despite a roller coaster week for the cryptocurrency, it continues to lead the charge in the crypto rally. Jared Blicker from Yahoo Finance analyzes Bitcoin’s moves and provides insights into the crypto market.
Price Action Over the Last 5 Days
Over the weekend, Bitcoin was priced at around $68,000. However, it dipped slightly on Monday before rallying to just short of $72,000. Then, it sold off dramatically, down to $69,000, in response to CPI. Nonetheless, the currency is back at a fresh high. Blicker examines what might be next for Bitcoin’s price.
Long-Term Trends
Looking at a five-year chart, it is apparent that there are record highs in the rearview mirror. Many wonder what the next target is after reaching a fresh high. Big round psychological numbers, such as $100,000, are a popular prediction. However, there are ways to use Fibonacci extensions and other methods to calculate potential higher highs.
Other Cryptocurrencies’ Surges
It’s not just the big players like Ethereum and Bitcoin surging recently; other cryptocurrencies are experiencing market movements as well. For instance, Binance token has risen by 25%, Litecoin is up by 10%, and Al goes up by 14%. This wider participation was absent from the runup in Bitcoin last year, indicating that the market has become broader.
Ethereum’s Record High
This five-year chart shows Ethereum’s ups and downs. It has not yet surpassed its record high of $4,500, although it has come close.
Bitcoin ETFs
The Bitcoin ETF market has become a significant new asset class, and two of the top five ETFs in the United States’ flow this year involved Bitcoin—the IShares Bitcoin ETF and the Fidelity. The numbers are high, with $10 billion for iBIT and $6.2 billion for Fidelity. Blicker’s analogy is that for the gold market, GLD is to some of these ETFs.
Hot Take: What’s Next for Bitcoin?
Bitcoin’s record high is yet another milestone in the cryptocurrency sector. The market has become more widespread, with other cryptocurrencies also surging alongside the big names. Bitcoin ETFs’ increasing popularity further indicates the mainstreaming of cryptocurrencies. There is momentum behind the crypto sector, and it is challenging not to foresee an increase from here. So, what’s next for Bitcoin? Nobody knows; it can continue surging or take a sharp dip, but the crypto market is full of possibilities and surprises.
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