The price of Bitcoin has begun its rally back to the upside, hovering around the $70k zone, as experts predict a new all-time high.
With the price of Bitcoin currently trading at $70,458 as of the time of writing this report, analysts disclosed that the recent approval of Spot Bitcoin exchange-traded funds (ETFs) has amplified the process for investors to gain exposure to Bitcoin.
According to them, this development has the potential to significantly increase demand for Bitcoin and diminish supply. However, as transformative as this has increased access for retail investors, they note that it will pale in comparison to the tidal wave of demand anticipated from institutional investors entering the market.
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Recall that after the fourth crypto halving that occurred in April this year, Bitcoin failed to drop below $56k and recovered in a bullish fashion, indicating the emergence of the bullish flag on a broader scale.
With the price of Bitcoin surging to the upside, several crypto experts have rolled out their predictions. Crypto expert Michael van de Poppe outlined an important price level from which Bitcoin must break out.
He claims that once it achieves a successful breakout, the flagship crypto will see a new all-time high (ATH). Poppe adds that Bitcoin needs to break through $70,000 on a lower time frame (LTF) basis.
Once that happens, the analyst claimEd that Bitcoin will likely see a new ATH. He also noted that lower timeframe regions at $67.000 were holding. Meanwhile, he highlighted Bitcoin’s long consolidation, stating that almost three months have passed since the crypto token remained in that range.
Economist and crypto trader Mikybull Crypto on his X handle stated that he doesn’t seem to understand why the majority of traders are screaming that the price of Bitcoin is already at the peak of the bull run. Meanwhile, he says, according to the monthly chart, the market is just getting started for a golden bull run for this cycle.
In this regard, he further hinted that the majority of traders with bearish sentiments will be caught off guard when the price of Bitcoin begins to rally heavily to the upside.
The bitcoin price which is currently trading at around $70,000 per bitcoin, is up almost 400% from its post-FTX collapse lows in late 2022, with the market braced for what’s likely to be a game-changing 2024 US presidential election.
US Former President Donald Trump says he is very positive and open-minded to cryptocurrency companies, stating that country must be the leader in the field.
In his words,
“I will ensure that the future of crypto Bitcoin will be made in the USA. I will support the right to self custody to the nation’s 50 million crypto holders.”
Also, it is worth noting that there is an explosive alt-season brewing, as several altcoins have seen their price surged, with pontential move to the upside.
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